SMG to run MEN Arena for another 25 years

Development Securities, the listed group which recently acquired the MEN Arena, has reappointed SMG, the world's biggest manager and operator of entertainment and public venues, to operate the concert venue for a further 25 years.

SMG's previous lease was due to expire in 2015 and DevSec said the "immediate restructuring of the lease following the completion of the arena's acquisition provides an immediate enhancement to the value and positioning of the asset."

The MEN is one of the top three arenas in the world based on concert ticket sales, Dev Sec said.

DevSec paid £62.2m for the asset, sold by Capital & Regional and GE Real Estate.