LGIM Real Assets has bought Broadway Plaza in Birmingham for £47m from Aviva Investors.
The 280,000 sq ft leisure scheme, anchored by Odeon, was bought for L&G’s leisure fund. Other tenants include Hollywood Bowl, Travelodge, Nuffield Health, Rock Up and an independent casino.
The scheme generates income of around £3.5m per year, reflecting a net initial yield of 7.5%. The weighted average unexpired lease term is 14 years.
Formed in 2002, the Leisure Fund Limited Partnership now has 18 assets under management, valued at more than £600m in total.
Legal & General’s Leisure Fund was advised by KLM Retail, while Aviva Investors was advised by Knight Frank.
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