London-listed Development Securities has completed the acquisition of the Manchester Evening News Arena (MENA) for £62.2 mln (EUR 75 mln), reflecting a net initial yield of 7.15%.
London-listed Development Securities has completed the acquisition of the Manchester Evening News Arena (MENA) for £62.2 mln (EUR 75 mln), reflecting a net initial yield of 7.15%.
The complex offers various asset management opportunities which the company hopes to exploit over the next three years. The purchase is part-funded by a bi-lateral loan from Lloyds Banking Group, which also provided hedging arrangements, Development Securities said.
The arena is the largest indoor venue in Europe attracting over one million visitors a year. It was sold by Capital & Regional together with its joint venture partner.