Dev Secs sells 70% of Manchester Arena to Patron Capital

UK property development and investment company Development Securities has announced the sale of a 70% interest in the recently-acquired Manchester Arena concert venue to Europe-focused private equity real estate firm Patron Capital Partners. The financial details were not disclosed.

Development Securities, which bought the complex in June this year from a consortium of GE and Capital & Regional for over £62 mln (EUR 76 mln), said it has created a new partnership to hold the property, which represents the largest indoor venue in Europe, attracting over one million visitors a year. Development Securities is retaining the asset management of the property. As part of the deal, the partnership has secured long term financing of £47.5 mln to facilitate the acquisition and refinancing.

The complex is a landmark asset located in the heart of the city of Manchester and includes the internationally renowned, 21,000-seat capacity MEN Arena. It offers various asset management opportunities which Development Securities hopes to exploit over the next three years.