16 Jun 2010 07:00

16 June 2010
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Development Securities PLC acquires MEN Arena
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Development Securities PLC, the leading property development and investment company, today announces it has acquired the Manchester Evening News Arena for £62.2 million, with a net initial yield of 7.15%. The complex offers various asset management opportunities which the company hopes to exploit over the next three years.
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The purchase is part-funded by a bi-lateral loan from Lloyds Banking Group, which also provided hedging arrangements.
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The Arena is the largest indoor venue in Europe attracting over 1 million visitors a year. It was sold by Capital & Regional plc together with its joint venture partner.
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For further information, please contact:
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Matthew Weiner/Graham Prothero Development Securities PLC Tel: 020 7828 4777 Mallika Basu/Lucy Grimble The Communication Group Tel: 020 7630 1411
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