Introduction to the O2 Arena Deal
The long-term lease on the O2, London’s best-known live music location, was sold to British specialists for pension insurance. A deal was signed last week to acquire the landmark’s 999-year rental agreement for around 90 million GBP.
The Buyer: Rothesay
Rothesay, the title sponsor of England’s Home Test Cricket Games, has become one of the most successful specialists in Great Britain, founded in 2007. It now protects the pensions of more than one million people in the UK and earns more than 300 million GBP of pension distributions every month.
The Auction Process
The auction of the O2 rental contract began a few months ago when Trinity College, the richest university at Cambridge University, started a sales process. Trinity College, which is one of the largest landowners in Great Britain, acquired the area in 2009 for £24.
The O2 Arena’s History
The O2, which decreased after its catastrophic debut as a Millennium Dome in 2000, has been one of the world’s leading entertainment locations. It was operated by Anschutz Entertainment Group (AEG) and has organized a variety of music, theater, and sporting events for almost a quarter of a century.
The Sale Agreement
In a joint statement, Rothesay and Trinity College Cambridge said that they are "pleased that Rothesay will be the long-term owner of the O2 Arena after they will be" rental contract "after a competitive auction process for the rental contract for this London landmark. A Rothesay spokesman said separately: "Prestigious and high-quality real estate goods such as the O2 form an important part of Rothesay’s investment strategy and the foreseeable and reliable returns that create real security for the pensions we protect."
