10 Aug 2010 07:00
Development Securities and Patron Capital form JV for Manchester Arena
Development Securities PLC, the UK's leading property development and investment company, today announces the creation of a Joint Venture Limited Partnership with investors Patron Capital Partners, to hold the recently acquired Manchester Arena complex.
The Joint Venture will be funded by Patron and by Development Securities, who have been retained to undertake the asset management of the property and who will be retaining a 30% share of the joint venture. The Joint Venture has secured long term financing with a £47.5m loan to facilitate the acquisition and refinancing.
The complex is a landmark asset located at the heart of the city of Manchester and includes the internationally renowned, 21,000 seat capacity MEN Arena. It was acquired from GE and Capital & Regional for £62.2m in June 2010.
For further information, please contact:
Michael Marx
Development Securities PLC Tel: 020 7828 4777
Mallika Basu/Lucy Grimble
The Communication Group Tel: 020 7630 1411