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January 16, 2015
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UK: NEC Group Sold to Lloyds Banking Group for £300m




The NEC Group has been sold to LDC, the private equity arm of Lloyds Banking Group, for £307m.

The sale by Birmingham City Council announced today has been welcomed by Paul Thandi, NEC Group’s chief executive, as "very good news".

Birmingham City Council, which was selling the group to raise funds to meet a wage bill of more than £1 billion, is retaining the freehold of all the NEC sites. 

LDC has bought a 125-year leasehold interest in the NEC site, including the NEC Exhibition halls, the Genting Arena and the Resorts World development, and 25-year leasehold interests in the International Convention Centre and Barclaycard Arena. Birmingham City Council has also retained a right to claw back certain non-core land at the NEC site for future development: the transaction does not include various plots of undeveloped land adjacent to the NEC site (primarily east of the M42), which will be retained by the council.

Read more at MeetPie.com...
 


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