Oak View Group has recently closed and funded debt financing to fund the construction of Manchester’s Co-op Live venue.
The global venue development, advisory and investment company is working alongside Manchester City Football Group (CFG) as an equal joint venture partner, as the new venue is based on its Etihad Campus.
The new 23,500-seat arena is set to open in the English city in late 2023.
According to OVG, this transaction is the first of its kind for a music-first venue. The long-term financing will be provided by asset management and investment firms, Apollo and Barings, through their clients and managed funds, and is supplemented by a shorter-term bank facility from J.P.Morgan.
Industry-specific investment bank, Inner Circle Sports, served as Placement Agent on the long-term financing.
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