DevSec confirms MEN Arena deal
Development Securities has completed the acquisition of the Manchester Evening News Arena for £62.2m, with a net initial yield of 7.15%.
In a statement to the London Stock Exchange, DevSec said the complex "offers various asset management opportunities which the company hopes to exploit over the next three years."
The purchase is part-funded by a bi-lateral loan from Lloyds Banking Group, which also provided hedging arrangements.
The Arena is the largest indoor venue in Europe attracting over 1 million visitors a year. It was sold by Capital & Regional together with its joint venture partner GE Real Estate.
Manchester-based investment agency Christopher Dee advised Capital & Regional and GE Real Estate.