O2 gets new landlord

Quintain and joint venture
partner Lend Lease Europe have sold the 999-year lease of the Millennium Dome
for £24m to Trinity College, Cambridge. Conference-news reported the mooted deal
back on 3 August, when
some media mistakenly
reported The O2 itself was up for sale.

AEG’s interest in The O2
“is absolutely not for sale,” a spokeswoman said, but rather the landlord’s
underlying interest in the land on which it sits.  AEG benefits from a long leasehold interest
in The O2 which is not affected by the sale. “Landlords, current and future, will receive
a rental income from AEG,” a spokeswoman said.

AEG has invested over £350m in the
O2 project to date and
Trinity College will now
receive the rent which is linked to ticket sales of The O2 Arena. In
Quintain’s last financial year, the company’s share of that rent amounted to
£842,000.

The 999-year lease had been
held in a company called Meridian Delta Dome, 49 per cent owned by Quintain,
which has now raised a reported £11.8m from the sale which it announced to the
Stock Exchange on 9
October.

Quintain and Lend Lease
continue to own and manage the regeneration of the surrounding 150 acres on the
Greenwich
Peninsula.

Paul Colston

Author

Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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