DevSec in line for MEN Arena

Development Securities is believed to be the frontrunner to acquire Manchester Evening News Arena from Capital & Regional and GE Real Estate for a price in excess of £60m.

The price would reflect a net initial yield of around 7.5% for the profitable leisure venue, made up of 21,000-seat arena and 120,000 sq ft of offices attached to Manchester Victoria station. The prime asset was acquired by a joint venture between Capital & Regional and GE Real Estate for £61.75m in 2006.

Manchester-based investment agency Christopher Dee is advising Capital & Regional and GE Real Estate.

All parties declined to comment.

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