Olympia London sold in £296m deal

Olympia London has been sold to German institutional investors BVK, Deutsche Finance Group and Yoo Capital in a deal reportedly worth £296m.

Olympia London acquired by BVK, Deutsche Finance Group and Yoo Capital
Olympia London acquired by BVK, Deutsche Finance Group and Yoo Capital

The venue was previously owned by Capital and Counties Properties PLC (Capco), who purchased Olympia London with a sole purpose of redeveloping the Earls Court area. Capco invested £45 million into the venue, and enabled the transition of Earls Court business to this venue, and are now moving on to focus on the company's core business.

Bayerische Versorgungskammer (BVK) is one of the largest state-sponsored insurance companies and pension funds in Germany and is headquartered in Munich. Deutsche Finance Group and Yoo Capital included in the consortium have led and advised on the acquisition.

Deutsche Finance Group and Yoo Capital will continue working toward Capco's vision of making Olympia London a world-class venue.

Gavin Neilan from Deutsche Finance Group said: "We are delighted to have acquired Olympia London as part of our investment portfolio. Together with Yoo Capital, we will lead an exciting and entrepreneurial new asset management strategy which looks to invest long-term in the estate to help Olympia London to maintain and grow its status as a world-class exhibition and events venue. We selected this iconic venue not only for its successful business model, but for its heritage; prestigious positioning within the market and exclusive location."

Nigel Nathan from Olympia London 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."

Last month, Olympia London was included on the 2017 Superbrand list

More: Three new London venue openings for 2017

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