Land Securities has exchanged contracts to acquire The Cornerhouse in Nottingham from BP Pension Fund in an off-market transaction for £50m – a 6.6% yield.
The 225,000 sq ft Cornerhouse is the only purpose built leisure scheme in the City of Nottingham and is anchored by a 14 screen Cineworld – the city’s sole multiplex.
Richard Akers, executive director at LandSec, said: “The acquisition gives us a presence in one of the key cities in the UK. Leisure is a vital element of our retail portfolio and will continue to be so as we see consumers demand increasingly sophisticated and dynamic destinations.”
Jones Lang LaSalle advised LandSec; AHBN acted for BP Pension Fund.