O2 arena lease snapped up by pensions giant Rothesay

The semipermanent lease to the O2, London's best-known unrecorded amusement venue, has been sold to Britain's biggest pensions security specialist.

Sky News understands that a woody was signed past week for Rothesay, the rubric sponsor of England's location Test cricket matches, to get the landmark's 999-year lease for astir £90million.

The agreement, which is apt to beryllium announced wrong days, comes much than 2 months aft Sky News reported that Rothesay was the frontrunner to clinch a deal.

Rothesay has go 1 of Britain's astir palmy specializer insurers, having been established successful 2007.

It present protects the pensions of much than 1 cardinal radical successful Britain and makes much than £300m successful pension payouts each month.

The auction of the O2 lease kicked disconnected respective months ago, erstwhile Cambridge University's wealthiest college, Trinity, instructed advisers to motorboat a merchantability process.

Trinity College, which ranks among Britain's biggest landowners, acquired the tract successful 2009 for a reported £24m.

The O2, which shrugged disconnected its 'white elephant' presumption successful the aftermath of its disastrous debut arsenic the Millennium Dome successful 2000, has since go 1 of the world's starring amusement venues.

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Operated by Anschutz Entertainment Group (AEG), it has played big to a wide array of music, theatrical, and sporting events implicit astir a 4th of a century.

Trinity College, which was founded by Henry VIII successful 1546, bought the O2 lease from Lend Lease and Quintain, the spot companies that had taken power of the Millennium Dome tract successful 2002 for nothing.

In a associated connection issued successful effect to an enquiry from Sky News, Rothesay and Trinity College Cambridge said they were "pleased to corroborate that Rothesay volition beryllium the semipermanent proprietor of The O2 arena, pursuing a competitory auction process for the lease of this London landmark".

A spokesperson for Rothesay said separately: "Prestigious and high-quality spot assets similar the O2 signifier an important portion of Rothesay's concern strategy, providing the predictable and dependable returns which make existent information for the 1 million-plus pensions we protect".