DevSec and Patron form arena JV

Developer-investor Development Securities today announced the creation of a joint venture limited partnership with investors Patron Capital Partners to hold the recently acquired MEN Arena.

Patron has acquired 70% in the 21,000-seat arena sold in June by Capital & Regional and GE to Development Securities for £62.2m.

Development Securities will retain 30% of the asset and has been appointed by the JV to undertake the asset management of the property.

The statement also detailed long-term financing in the form of a £47.5m loan to facilitate the acquisition and refinancing.

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