Birmingham city council has confirmed it is to sell the NEC Group.
The sale is to help meet a £1bn equal pay settlement involving hundreds of former female staff.
News first broke about a mooted sale back in January. Now, following a strategic review of the group, which is wholly owned by the council, it is believed an investment sale is the best way forward.
The council said it wants to ensure existing uses are preserved and said the group – which adds £2bn to the local economy each year – is “vitally important” to the West Midlands.
The NEC Group is estimated to be valued at £250m-£300m and includes the National Exhibition Centre, and sister arenas the LG Arena, the National Indoor Arena and the International Convention Centre, as well as a ticketing operation and catering business.
Council leader Sir Albert Bore said: “An open sale process has been identified through extensive strategy review as the way to achieve full value for this internationally renowned asset, while achieving the other principal objectives of enabling the group to achieve its potential.”
The council plans to keep claw-back rights over some of the land at the main NEC site, to maintain its stake in future HS2-related development. HS2 has earmarked the site for the Birmingham Interchange station, one of two stations proposed for the city as part of the £50bn high speed rail link.
lisa.pilkington@estatesgazette.com
