Olympia London is about to become German
£296m: with this incredible amount, three German institutional investors purchased Olympia London, one of the most important UK’s exhibition centre, site on a 14-acre freehold site in West London and welcomes 1.6 m visitors and hosts over 200 events a year over its seven connected spaces.
The previously owner, Capital and Counties Properties PLC (Capco) purchased Olympia London to redevelop the Earls Court Area and decided to move on to focus on the company’s core business as announced by Ian Hawksworth,CEO, “We are pleased to announce the sale of Olympia London to the Consortium. 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. It has been our privilege to be part of the rich history of this historic venue, and we wish the business and management team great success under its new ownership” .
The three German investment firm which acquired the 130 year old exhibition centre are: Bayerische Versorgungskammer (BVK) (one of the largest state-sponsored insurance companies and pension funds), Deutsche Finance Group and Yoo Capital (Uk co-investor and asset manager). Those have already declared to continue working toward Capco's vision of making Olympia London a world-class venue. Nigel Nathan, Olympia London MD, said: "This is an exciting time for our business; much care was taken throughout the sale process to ensure the continuation of Olympia London’s 130-year legacy. We look forward to working with our new owners on the next chapter in Olympia London’s rich history.” Sources: http://exhibitionnews.co.uk/news/olympia-london-sold-in-296m-deal-to-deutsche-finance-internationalyoo-capital-consortium http://www.eventmagazine.co.uk/olympia-london-sold-296m-deal/venues/article/1430051ù