Development Securities and Patron Capital have sold the Phones 4u Arena in Manchester to Mansford Real Estate Fund for £82.1m (€97m).
The asset, formerly known as the Manchester Evening News Arena, was bought by DevSec and Patron in 2010 for £62.2m.
DevSec owned the minority share of the 70:30 joint venture partnership and was retained to asset manage the property. The sale of the arena will generate in excess of £10m to DevSec.
Operated by SMG Europe, the Phones 4u Arena is the second most popular indoor arena in the world after the 02 Arena.
In addition to the 21,000-capacity arena, the complex includes 128,000 sq ft of office space and a multi-storey car park.
DevSec chief executive Michael Marx said: “The Phones 4u Arena has been a strong performer for us, and our asset management and enhancement strategies have added significant value.
“We are pleased to have secured the sale of the arena, three years since acquisition and in line with our business plan.
“The cash returned through this disposal further strengthens the balance sheet and follows the recent deal at PaddingtonCentral, which realised £12.1m of cash, and the sale of our Broughton residential land holding earlier in the year, which also released £11.4m of cash.”
