(Reuters) - British property developer Capital & Counties (L:CAPCC) said on Friday it has sold its exhibition business for 296 million pounds to a group of German institutional investors.
The business, Venues, comprises the Olympia London exhibition centre in west London and other property assets. Its majority owner is now German public pension schemes manager Bayerische Versorgungskammer, one of the institutional investors in the buying consortium.
The value of the events business fell 1.3 percent to 293 million pounds in 2016, according to the company’s annual report.
Capital & Counties, which owns large parts of the Covent Garden district in central London, said in late February that the residential market remained challenging following increases in stamp duty and Britain's vote to leave the European Union.
"This (deal) will position the company to concentrate effort and resources on our two central London estates at Covent Garden and Earls Court," the company said.
The German consortium was advised by Deutsche Finance International and Yoo Capital. Capital & Counties was advised on the deal by Rothschild and CBRE.