MEN Arena in Manchester Sold to Development Securities
The MEN Arena, Europe’s largest indoor music, events and conference venue, has been sold to Development Securities for a sum of ┬ú62.2m.
With a capacity of 21,000, the arena – which includes office space and conference facilities – has set the scene for some of the world’s biggest acts. Lady GaGa, Rod Stewart, Peter Kay, Westlife and Jay-Z among many others will be taking to the stage in May and June.
The sale comes following months of talks about the site, which included interest from other potential buyers including Threadneedle and Legal & General. Development Securities’ purchase is thought to be in partnership with a US opportunity fund.
In a statement Capital & Regional, which owns 30%, said:
“Capital & Regional, the co-investing property asset manager, today confirms that it has, together with its joint venture partner, exchanged contracts for the sale of the companies that own the Manchester Evening News Arena.”
The site was built in 1995 and was bought by GE and Capital & Regional for ┬ú61.8m in 2006 from Anschutz Entertainment Group.