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.

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well done all at CD. showing the biggest deals can still be done in Manchester without recourse to get on a train to that there London.

By Better up North