Patron Capital and Development Securities have sold the Phones 4u Arena in Manchester to a Mansford Real Estate fund for GBP82.1m.
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 GBP62.2m. 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. It regularly hosts some of the biggest acts in music, comedy and sport including Lady Gaga, Rihanna, Coldplay, Take That, Muse, Peter Kay, Michael McIntyre, Ricky Hatton and Amir Khan.
Matthew Weiner, director, Development Securities, says: “The Phones 4u Arena has been a strong performer within our investment portfolio and our asset management and enhancement strategies have helped to build the reputation and success of this ever popular venue.”
Kevin Cooke, development director at Patron Capital, says: “We have enjoyed our joint ownership of the Arena and the close working relationship with Development Securities. This investment was a prime example of excellent asset management, improving the Arena and other parts of the complex and repositioning the whole as an institutional asset.”