LONDON (VIP-NEWS) — A joint venture of institutional investors have announced it has acquired Olympia London, in a £296m deal.
The 130-year-old exhibition and events business Olympia London is located in Kensington, West London, and hosts more than 1.6 million visitors and 200 events in its seven spaces each year.
Deutsche Finance says its goal for the West Kensington complex – whose main Olympia Grand venue has a concert capacity of 10,000 – is to maximize the “long-term profit potential for the investment”.
Deutsche Finance’s successful bid is the start of “a number of interesting ‘club deals`” – a German term for joint acquisitions of property by groups of investors – “and joint ventures for investors on which we’re current working”, says the company’s chief investment officer Sven Neubauer.
The Olympia opened in 1886 as the National Agricultural Hall, and has since expanded to include four event venues and a conference centre. Bands who’ve played the venue include The Cure, The Chemical Brothers, Primal Scream, Bloc Party, Pink Floyd and The Jimi Hendrix Experience.