Leisure park sold in £25m off-market deal

A major Leicester leisure destination has been sold in a £25m deal.

Legal & General Investment Management (LGIM) has offloaded Meridian Leisure Park to Greenridge Opportunities.

The 155,000 sq ft park is home to the likes of Vue Cinemas and Hollywood Bowl.

Other occupiers include David Lloyd, Nando’s, Five Guys, Burger King, Pizza Hut and Frankie & Benny’s.

Bik Bhuptani, partner at Greenridge, said: “We are excited about the addition of Meridian Leisure Park to our portfolio. This acquisition perfectly aligns with Greenridge Opportunities LP’s strategy of investing in high-quality, income-generating assets.

“The park’s robust tenant mix and prime location underscore our commitment to identifying and capitalising on unique opportunities in the leisure sector.

“We see significant potential for value creation and look forward to enhancing the park’s offering, further cementing its status as a key leisure destination in the East Midlands.”

Andrew Ferguson, senior fund manager of the Leisure Fund at LGIM, added: “The leisure sector has been tested over the past few years in the face of wider economic challenges, particularly within the cinema market.

“However, good quality, well managed leisure schemes in prime locations continue to remain resilient; Meridian Leisure Park is testament to this.

“As the sector is stabilising once again, with a positive pipeline of films over the next three to five years, we hope and expect to see a strong rebound for the cinema market. We’re pleased to have completed this transaction with Greenridge, allowing us to re-invest for new opportunities.”

Montagu Evans advised the LGIM, while and Savills advised Greenridge.