Legal & General UK Property Fund has commenced efforts to divest its retail and leisure complex located at 19–31 Piccadilly in Manchester.

The asset, which encompasses a Travelodge hotel alongside a diverse array of food and beverage outlets, presents a lucrative investment opportunity for prospective buyers seeking exposure to Manchester’s vibrant commercial landscape.

Originally acquired by Legal & General for £23 million in 2014, the property has since served as a cornerstone asset within its real estate portfolio.

In outlining the rationale behind the decision, an L&G spokesperson affirmed, “This sale forms part of the transition to a hybrid investment strategy for the L&G UK Property Fund. The strategy continues to provide access to direct UK property, with assets in strong locations across a range of sectors with structural growth potential – such as industrial and self-storage, operational hotels, and build to rent residential.”

The move underscores Legal & General’s commitment to adapting its investment strategy in line with evolving market dynamics, while simultaneously capitalising on emerging opportunities within the real estate sector.