Real estate private equity group Patron Capital Partners and London-listed Development Securities have confirmed the sale of the Phones 4u Arena in Manchester. The deal was first reported by PropertyEU on 17 October.
Real estate private equity group Patron Capital Partners and London-listed Development Securities have confirmed the sale of the Phones 4u Arena in Manchester. The deal was first reported by PropertyEU on 17 October.
The pair sold the arena to a fund managed by Mansford Real Estate for just over £82 mln (€97 mln).
The 21,000-seater Phones 4u Arena, formerly known as the Manchester Evening News Arena, was acquired by Patron Capital and Development Securities in a 70:30 joint venture in 2010 for £62.2 mln. The arena is operated by SMG Europe, Europe’s largest sport and entertainment venue operator.
With 1.2 million ticket sales each year, the Phones 4u Arena is the second most popular indoor arena in the world after the O2 Arena in London.
