UK multinational financial services company Legal and General has expanded its leisure fund to over £600m following the acquisition of Birmingham's Broadway Plaza complex.
The deal, on behalf of its Leisure Fund, is worth £46.95m and was signed with previous owners Aviva Investors.
The 280,000sq.ft leisure development is anchored by a brand-new Odeon Luxe Cinema along with a Hollywood Bowl, indoor climbing centre, Rock Up and an independent casino. The scheme is also soon to open an indoor adventure golf attraction to add another large footfall generator. The scheme generates a total net income of approximately £3.5m per year.
Odeon Cinemas and Hollywood Bowl have both recently committed to new 15 and 25 year leases respectively.
This acquisition follows the leisure fundings recently exchanged by the Fund in Stafford at Waterfront Leisure and York at the Vangarde Leisure Park. These too are to feature Odeon and Cineworld.
Andrew Ferguson, senior fund manager, Legal and General said: "The leisure sector continues to grow with more innovative concepts emerging. Our dedicated Leisure Fund has grown to over £600m following this acquisition and is continuing to grow with exciting new developments in the pipeline. 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.”
