Olympia London (at right), a historic event venue in West London, England, has been acquired by a German investment firm for an estimated $368 million, officials announced this week. The sale is being lauded by all sides as a positive step for the 130-year-old exhibition site that includes a 14-acre, 7-building campus and another 3.9 acres that can be developed for nearby hospitality, residential, or recreational use.
The current facility hosts an estimated 1.6 million visitors at 200 events a year, and Gavin Neilan, co-managing partner of Deutsche Finance International, which served as investment advisor for the sale, said the joint venture will help Olympia London reach its full potential as an event destination. “We see tremendous long term potential in the 14-acre estate,” he said, “and an opportunity to grow Olympia’s status as a world-class exhibition and events venue working with the existing management team and our partners to enhance the customer experience through expansion of the retail, leisure and hotel offerings.”
Also included in the transaction are German investment firm Bayerische Versorgungskammer, the Versicherungskammer Bayern Group (a German insurer), and Yoo Capital, a UK co-investor and asset manager. The consortium acquired the property from Capital & Counties Properties PLC (Capco), which is a London-based property company. Officials have indicated that they intend to work with the current Olympia London management team and are planning to reveal updated plans for the property in the second half of 2017.