DevSec completes purchase of MEN Arena

 

Development Securities has completed its purchase of the Manchester Evening News Arena for £62.2m. The deal reflects a net initial yield of 7.15%. 

 

DevSec said the complex offered various asset management opportunities which it 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.

 

The Arena is the largest indoor venue in Europe attracting over 1m visitors a year. It was sold by Capital & Regional and GE Real Estate together with its joint venture partner.

 

paul.norman@estatesgazette.com