Lecturers' pension fund seeks new tune with 拢90m O2 arena bid
The Universities Superannuation Scheme is among the financial investors vying to take control of the 999-year lease to operate one of Britain's best-known entertainment venues, Sky News learns.
Thursday 10 April 2025 15:06, UK
Britain's biggest private pension fund has entered the race to buy the lease of the O2, London's best-known entertainment venue.
Sky News has learnt that the Universities Superannuation Scheme (USS) is among the bidders for the long-term income stream generated by the arena.
Pension fund sources said a number of prominent institutional investors were participating in an auction being run by Eastdil, the real estate-focused investment bank.
USS, which owns stakes in the operator of Britain's air traffic control service and Moto, the motorway service station chain, is understood to be a serious contender for the O2 arena lease.
It is among the shareholders burnt by the financial implosion of Thames Water, and has written its stake down to zero as a rescue deal is negotiated.
The auction has been under way for some time, with Sky News having revealed several months ago that it was being put up for sale by Cambridge University's wealthiest college.
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Trinity College, which ranks among Britain's biggest landowners, acquired the site in 2009 for a reported £24m.
The O2, which shrugged off its 'white elephant' status in the aftermath of its disastrous debut as the Millennium Dome in 2000, has since become one of the world's leading entertainment venues.
Operated by Anschutz Entertainment Group, it has played host to a wide array of music, theatrical and sporting events over nearly a quarter of a century.
The opportunity to acquire the 999-year lease is likely to lead to a deal being struck later in the spring.
Trinity College, which was founded by Henry VIII in 1546, bought the O2 lease from Lend Lease and Quintain, the property companies which had taken control of the Millennium Dome site in 2002 for nothing.
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A USS spokesman declined to comment.