DevSec refinances MEN Arena with Yorkshire Bank
Development Securities has raised fresh debt against the Manchester Evening News Arena, securing £23.75m from Yorkshire Bank.
Yorkshire Bank is lending alongside Lloyds Bank Corporate Markets, which provided £47.5m in April 2010 to finance the acquisition of the Arena by Development Securities and private equity house Patron Capital Partners. The new funding package will replace half of Lloyds' investment in the facility, which expires in 2013.
DevSec and Patron paid £62.2m to buy the 21,000-seat arena from Capital & Regional and GE.
Announcing the refinancing, Yorkshire Bank said the arena had a market value of £73m and generated rental income of £5.5m a year.