LONDON (SHARECAST) - Property development and investment firm Development Securities has leased out Manchester’s M.E.N. Arena for 25 years.
The lease has been granted to SMG, the world’s biggest manager and operator of entertainment and public venues. SMG already manages the venue, which is one of the top three arenas in the world based on concert ticket sales. SMG’s previous lease was due to expire in 2015.
In a separate announcement the company announced it has acquired an office property, Airport House, in Croydon, London, for £7.75m from LPA Receivers, who were appointed on behalf of the Bank of Ireland. The purchase price represents an income yield of 5.4%.
The company has appointed a local serviced office operator to run the centre with the aim of re-establishing the building in line with its historic operating performance which would see the income yield rise to over 11%.
A modernisation budget of £600,000 will enable the income to be first rebuilt to pre- existing levels and then exceeded. Bank of Ireland has provided a debt facility to assist in the acquisition.
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