Fund manager Intermediate Capital Group is reportedly in talks to buy London’s OVO Arena Wembley from current owner Quintain.
According to real estate news website React News, Quintain is seeking £50m (€59m/$60m) for the sale of the arena, which has a capacity of 12,500 and is operated by ASM Global.
London-headquartered Quintain has owned the arena since 2002 as part of a wider acquisition deal that included 44 acres of nearby land on Wembley Park. The company is said to be considering selling the arena to focus on its build-to-rent business.
OVO Arena Wembley is primarily a music venue but also hosts sporting events. The arena was used to stage badminton and gymnastics events during the London 2012 Olympics.
The venue was previously known as the Wembley Arena and then SSE Arena Wembley. It adopted its current moniker in February after OVO Energy was announced as the new sponsor.
The rebrand came after OVO in 2020 completed its acquisition of SSE Energy Services, with the latter forming part of the OVO family. The acquisition also led to the rebranding of Glasgow’s SSE Hydro to the OVO Hydro back in October.
OVO is supporting ASM Global on its journey to achieve ‘Greener Arena’ certification at OVO Arena Wembley. The certification is supported by funding of specific carbon-reduction and environmental initiatives recommended as a result of the annual accreditation process.