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Legal & General arm buys 50 pct stake in MediaCityUK in Manchester

Reuters - UK Focus

LONDON, March 10 (Reuters) - Legal & General Capital, a unit of UK insurer Legal & General (LSE: LGEN.L - news) , said on Tuesday it has bought a 50 percent stake in Peel Group's MediaCityUK scheme in Manchester.

MediaCityUK, a UK media campus that is valued at 503 million pounds ($757 million), aims to be a broadcasting hub and is home to BBC, ITV (LSE: ITV.L - news) and the University of Salford, the firm said in a statement.

L&G Capital, which has 5.1 billion pounds in assets, is targeting investments in UK housing, infrastructure and social real estate assets. ($1 = 0.6643 pounds) (Reporting by Nishant Kumar; Editing by Steve Slater)