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Monday
February 9, 2009
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Recent Issues
Facilities & Venues

London's O2 Arena Put On The Market For A Cost Of US$52.1M

London's O2 Arena Sold 1.8 Million Tickets In
'08, 500,000 More Than MSG
London's O2 Arena "has been formally put up for sale by" landlord Meridian Delta Dome Limited (MDDL), according to Mark Kleinman of the London TELEGRAPH. MDDL, a joint venture between property companies Quintain Estates and Development & Lend Lease, "has had a [US$52.1M] price-tag placed on" the arena. Property agents Savills and Michael Elliott also "have been appointed to market the site," and initial offers "are due this week." A sale document indicated that the "maximum annual rent for the arena is just under" US$2.4M. AEG "owns the long-term lease on the O2 Arena and surrounding leisure space" (London TELEGRAPH, 2/8). In London, Matthew Goodman notes the arena "has become the world's most successful live-music venue, selling 1.8 [million] tickets in 2008 -- 500,000 more than Madison Square Garden in New York, now the world's second-most-popular destination." MDDL "has a 999-year lease on the site," which is owned by the government (LONDON TIMES, 2/8).

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