Capital & Regional, the co-investing property asset manager, confirmed that it has, together with its joint venture partner, acquired the companies that own the Manchester Evening News Arena (M.E.N. Arena). The group holds a 30% interest in the property.

Capital & Regional, the co-investing property asset manager, confirmed that it has, together with its joint venture partner, acquired the companies that own the Manchester Evening News Arena (M.E.N. Arena). The group holds a 30% interest in the property.

The transaction reflects a price paid for the property of £62.2 mln (EUR 73 mln) at a net initial yield of 7.15% which is a small premium to the 31 December 2009 valuation.

The M.E.N. Arena in Manchester has a capacity of up to 23,000 people, making it one of the largest indoor concert venues in Europe.