City centre leisure development bought for £47m
Legal & General has bought city centre leisure scheme Broadway Plaza from Aviva Investors for £46.95m.
The deal takes the value of its LGIM Real Assets’ leisure fund to more than £600m.
Broadway Plaza is a 280,000 sq ft leisure development near Five Ways with an Odeon Luxe Cinema, Travelodge and casino. An indoor adventure golf venue will be opening soon, adding to the total net income of approximately £3.5m per year the development generates.
Andrew Ferguson, senior fund manager of Legal & General, believes Broadway Plaza is a “great addition to the fund”.
“The leisure sector continues to grow with more innovative concepts emerging,” he said.
“This scheme presents an opportunity for us as specialist leisure owners to continue to evolve the leisure offering in order to achieve the best results for our investors.”
Odeon Cinemas and Hollywood Bowl, have both recently committed to new 15 and 25 year leases respectively,
giving a WAULT on the asset of 14 years to expiry.
Legal & General’s Leisure Fund was advised by KLM Retail, while Aviva Investors was advised by Knight Frank.
