Investment firm Secure Income Reit has purchased England’s Manchester Arena as part of a portfolio deal worth £436m (€490.4m/$604.7m).
According to the Manchester Evening News newspaper, the larger deal featured a number of other properties from the Mansford investment group, including pubs, hotels and event spaces.
In addition, the wider investment includes 59 hotels let to Travelodge for a fee of £212m, purchased from a consortium of investors.
Reflecting on the Manchester Arena part of the deal in particular, Nick Leslau, the chairman of Secure Income, said that he was “thrilled” to be adding the venue to his portfolio, which also includes theme park Alton Towers.
“We have a very strong affinity for Manchester and I am delighted to be back in the city centre,” Leslau said. “It is a unique asset sitting on top of a multi-million pound transport hub so we are thrilled at getting the chance to own it.
“As an investment fund we are focused on long-term income and this is perfect as it is a world class asset.”
Leslau also paid tribute to the people of Manchester following the terror attack on the venue in May last year, during which 22 people were killed and a further 500 injured.
“I think Mancunians are tough and despite the horrendous tragedy that happened last year people are saying they will not be beaten,” Leslau said. “They want to go out and enjoy themselves and there is an amazing tenacity here.
“With the amount of concerts and events that have been well-attended the people have spoken and they will not be defeated or oppressed.”
Leslau also referenced the issue of naming rights for Manchester Arena, with the venue having been without a partner since 2015.
“Sponsorship is something that is current and it would be difficult to envisage a world class asset without a sponsor,” Leslau said. “We know quite a bit about stadium sponsorship but it is still early days.”
Image: Matthew Hartly