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LGIM Real Assets, part of Legal & General, has bought the 280K SF Broadway Plaza leisure scheme in Birmingham from Aviva Investors for £47M.
The development is anchored by a brand-new Odeon Luxe Cinema along with a Hollywood Bowl, Travelodge, Nuffield Health, Rock Up and an independent casino. An indoor gold venture will also open soon at the scheme, which generates a total net income of approximately £3.5M per year.
Odeon Cinemas and Hollywood Bowl have committed to new 15 and 25-year leases. The car park has also recently been updated at a cost of £9M.
This acquisition follows LGIM's recent leisure property purchases in Stafford (Waterfront Leisure) and York (Vangarde Leisure Park).
Formed in 2002, the Leisure Fund Limited Partnership has over £600M of assets under management, comprising 18 prime leisure assets across the U.K. In 2017 the fund delivered a total return of 12.9% to its institutional investors.
“The leisure sector continues to grow with more innovative concepts emerging," Legal & General Senior Fund Manager Andrew Ferguson said. "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.”
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