The long-term lease to the O2, London’s best-known stay leisure venue, has been offered to Britain’s largest pensions insurance coverage specialist.
Rothesay has change into certainly one of Britain’s most profitable specialist insurers, having been established in 2007.
It now protects the pensions of a couple of million folks in Britain and makes greater than £300m in pension payouts each month.
The public sale of the O2 lease kicked off a number of months in the past, when Cambridge College’s wealthiest school, Trinity, instructed advisers to launch a sale course of.
Trinity School, which ranks amongst Britain’s largest landowners, acquired the positioning in 2009 for a reported £24m.
The O2, which shrugged off its ‘white elephant’ standing within the aftermath of its disastrous debut because the Millennium Dome in 2000, has since change into one of many world’s main leisure venues.
Operated by Anschutz Leisure Group (AEG), it has performed host to a wide selection of music, theatrical, and sporting occasions over practically 1 / 4 of a century.
Trinity School, which was based by Henry VIII in 1546, purchased the O2 lease from Lend Lease and Quintain, the property firms that had taken management of the Millennium Dome website in 2002 for nothing.
A spokesperson for Rothesay stated individually: “Prestigious and high-quality property assets like the O2 form an important part of Rothesay’s investment strategy, providing the predictable and dependable returns which create real security for the one million-plus pensions we protect”.
