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LONDON-Anschutz Entertainment Group has sold the Manchester Arena mixed-use complex to a 30/70 joint venture between Capital & Regional and GE Real Estate for euro 88.99 million ($113.7 million). The property, located on an eight acre site in the heart of Manchester City.

The center comprises 120,000 sf of office, a 1,075-space car park, retail and the 20,000-seat arena, which has hosted a wide variety of music, sporting and comedy events. It was completed in 1995 as part of the Manchester Olympic bid and is now a well-established international venue. Between 2003 and 2005 it was considered the busiest arena venue in the world. The arena is operated by SMG (UK) Ltd., a global venue operator. The property provides a good income profile with 88% of the income secured for over eight years.

According to Fredrik Widlund, managing director of business development at GE Real Estate UK, the buy "offered the opportunity to acquire a prime mixed-use investment in the heart of Manchester City Center."