Fund manager in talks to buy OVO Arena Wembley
FTSE 100 fund manager Intermediate Capital is reportedly in exclusive talks to buy OVO Arena Wembley after the London venue was put up for sale by owner Quintain.
The 12,500-cap, ASM Global-managed arena is expected to welcome around one million visitors in 2022, with upcoming shows including The Libertines, The Gaslight Anthem, Machine Gun Kelly, Bon Iver, Sigrid and The Cure.
React News reports that a deal is close after Quintain, which was acquired by US private equity firm Lone Star in 2015, put the storied venue up for sale to focus on its build-to-rent business.
Quintain acquired the then Wembley Arena in 2002 as part of its purchase of 44 acres of land in Wembley Park. It is expected to fetch up to £50 million after attracting more interested parties than initially expected.
“We are refocusing… efforts on our build-to-rent ambition, neighbourhood retail and placemaking”
“As we continue to build out the Wembley Park estate, with 3,000 more homes still to deliver by 2027, we are refocusing… efforts on our build-to-rent ambition, neighbourhood retail and placemaking,” says Quintain CEO James Saunders.
Built in 1934, the arena in Wembley – originally known as the Empire Pool – has been a live music venue for over six decades. Following a £26 million refurbishment, the arena reopened in 2006, taking the name of the SSE Arena, Wembley in 2014.
Earlier this year, it was renamed OVO Arena Wembley, following in the footsteps of Glasgow’s Hydro (cap. 13,000) in linking with OVO Energy – the UK’s third-biggest energy supplier – which acquired SSE in 2020.
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