Intermediate Capital, the FTSE 100 fund manager, is in exclusive talks to buy Wembley Arena from Quintain.
Quintain, the developer owned by US private equity giant Lone Star, put the north-west London venue up for sale to focus on its build-to-rent business.
Intermediate has emerged as the frontrunner and hopes to conclude a deal worth about £50m for the OVO Arena Wembley.
James Saunders, Quintain’s chief executive, said: “As we continue to build out the Wembley Park estate, with 3,000 more homes still to deliver by 2027, we are refocusing… efforts on our build-to-rent ambition, neighbourhood retail and placemaking.”
Intermediate Capital declined to comment.
Wembley Arena was acquired by Quintain in 2002 as part of its purchase of 44 acres of land in Wembley Park. The arena, originally built to host swimming events for the 1934 Empire Games, had a £36m refurbishment in 2006. With a capacity of 12,500, it is the second-largest indoor venue in London, although any new owner might want to expand it.
It has played host to some of the world’s biggest pop stars, including David Bowie, Queen, Abba and Beyoncé. The arena is run by ASM Global, whose management contract runs until 2028. Quintain, as landlord, expects its net operating income from the venue to total about £3.1m this year.
Quintain is also rumoured to be exploring a sale of the neighbouring London Designer Outlet.
