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Land Securities sells leisure scheme for £65M

Land Securities Group Plc sold The Cornerhouse in Nottingham, U.K., to Orchard Street Investment Management for £65 million.

The purpose-built leisure scheme, covering 201,000 square feet, was acquired on behalf of St James's Place UK Plc. It is anchored by a 14-screen Cineworld cinema and includes 11 restaurants, two bars, a nightclub and a casino.

Land Securities acquired the asset in May 2012 for £50 million from BP Pension Fund.

Savills advised Orchard Street on the transaction, while JLL advised Land Securities.