Lloyds’ private equity arm acquires landmark event venue
Birmingham City Council brought in the New Year with one of its largest ever sales with Eversheds, Wragge Lawrence Graham & Co (WLG) and Gateley all winning mandates on the sale of the National Exhibition Centre (NEC) to Lloyds Banking Group’s private equity arm LDC.
WLG acted for the council on the £307m deal, which is for all NEC Group businesses except the leases of the Hilton Metropole and Crowne Plaza hotels. That included a 125-year lease for the NEC site itself plus a 25-year leasehold interest in the International Convention Centre and Barclaycard Arena. The transaction involved a substantial amount of property work as well as corporate aspects and saw Eversheds act for LDC, with Gateley for the management.