LONDON (CelebrityAccess MediaWire) — Cambridge's Trinity College has landed London's O2 Arena when they acquired Meridian Delta Dome, the company which holds the 999 year lease on the venue for $38.4 million from developer Quintain Estates.
The deal will see Trinity College getting the rental income from ticket sales of The O2 Arena paid by AEG through its under-lease of The O2, as per this transaction. The disposal does not affect AEG's lease or its operation of The O2 where it invested more than $500 million, the company stated and added Quintain realized $1.3 million from AEG sublease deal in FY 2008.
The dome opened on January 1, 2000 after being constructed to house an exposition for the new the new millennium and was revamped as an entertainment/sports venue under the new moniker, the O2 Arena.
Quintain and their partners Lend Lease will continue to develop the 150 acres of land around the venue as a mixed use residential/commercial zone through a join venture known as Greenwich Peninsula Regeneration. – CelebrityAccess Staff Writers