Property developer Development Securities has bought the Manchester Evening News Arena in a deal worth over £60m, representing a net initial yield of around 7.5%.
According to the Financial Times, Development Securities has exchanged contracts to acquire the 21,000-capacity arena from a joint venture partnership between GE Real Estate and Capital & Regional.
Development Securities is believed to be purchasing the complex, which is located on an 8-acre site in Manchester city centre, in partnership with a US opportunity fund.
The Manchester Evening News Arena was built fifteen years ago and as well as holding concerts and sporting events, the complex includes offices and retail units.
This is the first major investment for Development Securities after it raised £100m in new equity from investors in 2009.
Investors such as Legal & General and Threadneedle were also believed to be interested in purchasing the arena prior to this deal.
Manchester-based investment agency Christopher Dee is advising Capital & Regional and GE Real Estate.