AEG Europe, the owner of London’s O2 Arena, has gained planning approval from the City of Edinburgh Council for an 8,500-capacity arena in Edinburgh Park.
AEG, which also operates the Uber Arena in Berlin, is working with developer and site owner Parabola on the project. It will have just over 199,000 sq ft of floorspace.
Edinburgh Park Arena will be privately funded, and AEG Europe said it is finalising agreements with funding partners.
Once an external contractor has been appointed and financing raised, construction is expected to begin in 2025 and continue over the course of two years, with the aim of staging the first event in 2027.
The venue is expected to bring an estimated £520m per annum in gross value to the Edinburgh economy. It is also estimated to inject a further £83m per annum back into the local economy, with AEG expecting more than 700,000 visitors every year, based on an external assessment by Savills. More than 1,000 jobs will be created in and around the arena.
Alex Hill, president and chief executive of AEG Europe, said: “Having worked closely with the City of Edinburgh Council, we strongly believe the arena will deliver huge benefits to the city throughout every stage of the building’s life cycle, from development to completion, for years to come when we’re bringing the world’s best artists to the Scottish stage.”
Alistair Wood, executive vice president of real estate and development at AEG Europe, said: “We thank the City of Edinburgh Council for its forward-thinking and proactive approach and for its shared vision of a new best-in-class arena for Edinburgh. We now turn our attention to expanding on these plans through the appointment of an external contractor, as well as seeking naming rights partners and finalising funding partners.”
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Images © AEG Europe
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