MANCHESTER, ENGLAND-Phones 4 U Arena has been sold in a $133 million (£82.1M) deal to Mansford Real Estate, a London-based private European real estate investment firm.
Development Securities in a joint venture with Patron Capital was the seller of the arena which hosts big name performers from the UK, Europe and around the world, says the Manchester Evening News.
Mansford also owns Swinton Shopping Centre, in Salford, a Manchester suburb.
The Phones 4 U arena, formerly known as the Manchester Evening News Arena, was acquired by Development Securities and Patron Capital in 2010 for around $100 million (£62.2M).
During ownership, Development Securities undertook a number of initiatives to drive rental income and capital value. The 21,000-seat complex is the largest indoor concert arena in Europe attracting around 1.5 million paying visitors a year.
It has seen performances by acts including Noel Gallagher's High Flying Birds, U2, The Rolling Stones, Madonna, Beyonce, Jay Z, Fleetwood Mac, Lady Gaga, Pavarotti and the record-breaking 2010/2011 residency by Bolton comedian Peter Kay.
The complex also includes 128,000 sq ft of office space and a multi-story parking facility.
Click Manchester Evening News to read the full story.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
