Capco has sold Venues, its exhibition business, comprising Olympia London and related property assets, for £296m to a consortium of German institutional investors advised by investment firm Deutsche Finance International and Yoo Capital, as UK co-investor and asset manager. Fladgate LLP advised Yoo Capital on its investment partnership and asset management arrangements.
The consortium includes Bayerische Versorgungskammer (Germany’s largest manager of public pension schemes investing through a fund managed by Universal-Investment) as the single largest shareholder, the Versicherungskammer Bayern Group (Germany’s largest public insurer) and DFI European Value Add Fund.
“We are delighted to have completed the Olympia London transaction. We see tremendous long term potential in the 14 Acre estate and an opportunity to grow Olympia’s status as a world-class exhibition and events venue working with the existing management team and our partners,” said Gavin Neilan, Co-Managing Partner of DFI. Frank RoccoGrande, fellow Co-Managing Partner added, “We are privileged and thrilled to have advised and partnered with leading global institutional investors BVK and VKB.”
Yoo chairman and global property entrepreneur John Hitchcox said: “We are delighted to partner on such an exciting investment. We will work closely with Olympia management to ensure Olympia continues to represent the very best in world-class exhibition space for Central London and the UK.”
The Fladgate team advising Yoo Capital on its investment into Olympia was led by corporate partner Marc Sosnow, assisted by senior corporate associate Yulia Leyko and corporate associate Orit Rioumine Gold.
Lloyd Lee, Yoo Capital Manging Partner added: “We are extremely excited to be working with major global investment firm Deutsche Finance and their blue-chip investors. We are also pleased that we have continued to work these many years with lead legal partner, Marc Sosnow of Fladgate, whose leadership and team once again exhibited incredible commitment and legal acumen”.
Yoo Capital will “work closely with Deutsche Finance to support the tremendously talented management team, while bringing forward the long-term opportunities for complementary hospitality, leisure and residences available on the estate,” said Yoo Capital MD Andrew Thorpe.