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Land Securities sells Nottingham leisure scheme

23 January 2017 08:04

Orchard Street Investment Management has completed the acquisition of The Cornerhouse, Nottingham from Land Securities Group for £65m. The asset was acquired on behalf of St James's Place.

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 while nightlife is provided by Revolution, the Slug and Lettuce and Genting Casinos among 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.

Land Securities' head of portfolio, leisure, Polly Troughton, said: "The sale of the Cornerhouse capitalises on the increased rental value we have created following our asset management strategy."

At 8:04am: (LON:LAND) Land Securities Group Plc share price was +0.75p at 985.25p

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