The famous Millennium Dome of London, also called the O2 Arena is set to be bought by Cambridge’s Trinity College. Trinity College which is understood to be Oxbridge’s wealthiest college is in talks to acquire the O2 Arena for an estimated £20m+.
Property owners Quintain and Lend Lease have been in negotiations with the college for several weeks now.
Being one of London’s most popular venues, the O2 has been a lively music gig venue, since it was reopened in 2007 after having been shut for over seven years to the public. Originally built to feature the Millennium exhibition, the dome has since featured the cream of rock and pop.
Bands and singers such as Led Zeppelin, Bon Jovi, the Spice Girls, Madonna, Take That and Beyonce have all graced the stages of the dome to woo fans from around the world.
Michael Jackson, who has left us far too early was booked to play 50 sold-out shows in the O2 Arena. Larry King show reported that he could have easily performed in 89 sold -out shows.
Shareholders of the property were told by Quintain last week that it was in exclusive talks with a preferred bidder. They however preferred to keep the identity of said bidder under strict wraps.
Currently Quintain owns a 999-year lease for the O2 property. They hold a joint venture with Lend Lease. Investment agents Savills and Michael Elliott to see their property. At present the deal has not been concluded and weeks will go by before we can expect to see this deal being under wraps.
Because the land on which the arena has been built is owned by English Partnerships, now part of the Homes and Communities Agency the deal is a little on the complicated side.