Capco has exchanged and completed on the sale of Venues, its exhibition business, comprising Olympia London together with related assets, for £296 million.
Venues has been sold to a consortium of German institutional investors, which includes Bayerische Versorgungskammer (Germany’s largest manager of public pension schemes investing through a fund managed by Universal-Investment) as the single largest shareholder, the Versicherungskammer Bayern Group (Germany’s largest public insurer) and DFI European Value Add Fund (together the “Consortium”).
Capco say the cash proceeds will be used to repay bank debt and for deployment in Capco’s core central London estates.
Ian Hawksworth, Chief Executive of Capco, commented: “Following the successful transition of shows from the former Earls Court exhibition centres and our strategic investment in recent years, Olympia London is now established as the preferred central London venue for premium shows. Now that the period of transition is complete, it is the right time for Capco to exit its ownership of the venue.
“The completion of this transaction delivers value for our shareholders and will position Capco to concentrate effort and resources on our two exceptional central London estates at Covent Garden and Earls Court, as well as further enhance our financial flexibility to take advantage of opportunities as they arise.”