DON'T MISS THE BIG STORIES. Sign up to eNews and be the first to know what's new at EC&O Venues.
12/10/2006
EC&O Venues (owners of Earls Court, Olympia and the Brewery) has announced that, further to the July sale of the properties occupied by the Brewery to Matrix Group Limited, via sale and leaseback, the second part of the site break-up has been achieved with a sale to GuestInvest of the vacant areas abutting the Brewery site. GuestInvest, having recently entered into a partnership and financing arrangement with Bank of Scotland, plan to develop the space into an aparthotel with 175 bedrooms.
ECO& Venues acquired the Brewery site and adjoining properties in October 2005 from Whitbread PLC for £55m, in a deal funded by Investec Private Bank. The £27.5m sale to GuestInvest brings total property-related proceeds realised so far from the acquisition to over £65m, with further sales and development plans to be announced.
Anthony Lyons, Chief Executive of EC&O Venues, believes the new GuestInvest aparthotel will be an excellent complement to the Brewery’s increasingly successful conference and banqueting business.
“As the City’s premier conference and banqueting venue, the Brewery’s business continues to go from strength to strength. We recently completed a refurbishment of the venue, as part of a £2.5m investment in the site, and the development of an aparthotel will not only add a valuable new facet to the Brewery’s offer, but will also provide a much needed facility for the area as a whole.”
The vendors were advised by Mishcon de Reya and BDO Stoy Hayward.
- ends -
Jeremy Probert, Director of Communicationsjeremy.probert@eco.co.uk / 020 7370 8037
EC&O Venues is the UK’s premier exhibition and conference venue manager. The business comprises Earls Court, Olympia and the Brewery, London’s leading venues for exhibitions, conferences and special events. The three venues hold over 1000 events each year, attracting over 3 million visitors and 30,000 exhibiting companies.