Land Securities said it completed the sale of The Printworks landmark city centre leisure complex in Manchester to DTZ Investors for £108 million.
Redeveloped in 2000, The Printworks covers 368,770 sq ft over four floors and is anchored by the 20 screen Odeon cinema, which houses the only IMAX screen in Manchester.
It has 17 food and drink venues including Tiger Tiger, Hard Rock Café, Yates, Wetherspoons, Wagamama and Nandos.
Land Securities said The Printworks has an annual footfall of over seven million people and generates a net annual income of £6.75 million.
Polly Troughton, head of portfolio, leisure, Land Securities, said: “We have created value at The Printworks through asset management, resulting in the lowest level of vacancy rates for a number of years.
“This sale crystallises the increased value the team has delivered.”
Tony Brothwell, fund manager, DTZ Investors said: “We have been looking to gain exposure to the vibrant central Manchester retail and leisure market and The Printworks represents a rare opportunity to acquire a major freehold investment located in the core of the city on an attractive yield basis.”
Jones Lang LaSalle acted on behalf of Land Securities, and Cortex Partners acted on behalf of DTZ Investors.