The Bank of Scotland has signed a £360 million deal to fund the building of a huge media complex, the first of its kind in the UK.

The bank has teamed up with Peel Holdings to deliver MediaCity:UK, a hugely ambitious project that will span over 200 acres and provide over seven million square feet of accommodation for some of the top media clients in the UK, including the BBC.

So far, the BBC plans to relocate five departments to the site, including BBC Sport and BBC Radio Five Live, as well as providing for almost 2,300 BBC staff.

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The site at Salford Quays, Manchester, will provide employment for over 15,000 workers in total. The first phase of the project, which includes the BBC buildings, is scheduled for completion In December 2010.

With the aim of creating one of the most significant developments in British broadcasting in recent years, MediaCity:UK hopes to compete with other media cities emerging around the world. It is projected the development will bring an extra £1 billion into the economy during its first five years.

John Whittaker, Chairman of Peel Holdings said: "We are delighted that the BBC has now committed to its move to MediaCity:uk. I look forward to working with the BBC and other media partners in developing the world's leading creative, technology and media environment.

(DW/JM)