Land Securities Group PLC Disposal of The Cornerhouse, Nottingham (7873U)
23 January 2017 - 7:00PM
UK Regulatory
TIDMLAND
RNS Number : 7873U
Land Securities Group PLC
23 January 2017
Orchard Street acquires The Cornerhouse, Nottingham from Land
Securities for GBP65m
Orchard Street Investment Management ('Orchard Street'), the
specialist commercial property investment manager, has completed
the acquisition of The Cornerhouse, Nottingham from Land Securities
Group PLC for GBP65 million. The asset was acquired on behalf of St
James's Place UK PLC.
The only purpose-built leisure scheme in Nottingham, the 201,000
sq ft Cornerhouse is anchored by a 14-screen Cineworld as well as
providing 11 restaurants, two bars, a nightclub and a casino. Key
food and beverage tenants include Nandos, Wagamama and TGI Fridays
whilst nightlife is provided by Revolution, the Slug and Lettuce
and Genting Casinos amongst others. Its central location means that
the asset benefits from a steady flow of visitors from nearby
universities, shopping facilities at Victoria Centre and Upper
Parliament Street and local theatres, attracted by The
Cornerhouse's offering that provides for both day and night time
leisure pursuits.
Barney Rowe, Partner at Orchard Street, commented: "The
Cornerhouse is a strong leisure asset with an impressive line-up of
tenants, located in a city centre that is underpinned by strong
demographic trends including urbanisation and a flourishing
university population. We are very pleased to increase our exposure
to this ever more popular subsector where we are confident we can
extract value over the long-term.
Polly Troughton, Head of Portfolio, Leisure at Land Securities,
said: "The sale of the Cornerhouse capitalises on the increased
rental value we have created following our asset management
strategy."
Orchard Street was advised by Savills and Land Securities by
JLL.
-Ends-
For more information:
Orchard Street:
John Humberstone Dido Laurimore/Ellie Sweeney
Orchard Street Investment Management FTI Consulting
020 7494 8860 020 3727 1000
jhumberstone@orchard-street.co.uk orchardstreetinvestment.sc@fticonsulting.com
Land Securities
Media Analysts
Molly Neal Ed Thacker
+44 (0)20 7024 5460 +44 (0)20 7413 9000
molly.neal@landsecurities.com edward.thacker@landsecurities.com
Notes to Editors:
Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is
a leading specialist commercial property investment manager,
focused on the UK market. It acts on behalf of institutional
clients world-wide to advise on investing in and the active
management of property assets, including industrial, retail
warehouses, offices and shopping centres. Orchard Street currently
has assets under management totalling GBP5 billion.
Land Securities
Land Securities is the UK's largest listed commercial real
estate company. Our GBP14.4 billion portfolio totals 23.6 million
sq ft and includes some of London's most desirable office buildings
and the UK's most successful shopping and leisure destinations.
In London, we own and manage a portfolio totalling more than
GBP8.2 billion. Our relentless customer focus delivers vibrant
working environments, both in our developments and through
thoughtful asset management, which resonate strongly with
businesses looking to attract and retain top talent. In the City,
our 1.7 million sq ft of real estate includes the award-winning New
Ludgate scheme, and the landmark 20 Fenchurch Street. In the West
End, our expertise in placemaking and public realm has seen the
transformation of Victoria, SW1 into a vibrant destination that is
attracting global businesses and visitors alike.
In Retail, our commitment to creating an outstanding consumer
experience, combined with the strength and resilience of our 17.5
million sq ft of assets, means we provide the space where consumers
want to shop and retailers want to be, both now and in the future.
Our focus on collaborating with our retailers and anticipating
consumer needs not only delivers an unrivalled experience for our
customers, but our footfall and sales figures consistently
outperform the industry benchmarks.
Whether in offices or retail, sustainability is key to
everything we do. For us, being a sustainable business means
ensuring Land Securities remains healthy and successful for years
to come. To achieve this we need the support of our customers,
communities and partners. That's why we lead the way on
sustainability in the UK listed real estate sector by focusing on
three key areas: creating jobs and opportunities through our
award-winning Community Employment Strategy, which has over 800
disadvantaged people into employment since 2011; efficient use of
natural resources; and sustainable design and innovation.
Land Securities delivers value for our shareholders, great space
for our customers and positive change for our communities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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