AEG Facilities will operate a new 4,400-capacity, purpose-built, live entertainment venue within the £1.3 billion Olympia London development.

Olympia London owners Yoo Capital and Deutsche Finance International said they have signed a deal with AEG Presents, which promotes events such as the 65,000-capacity British Summer Time at Hyde Park concert series and London festival All Points East (40,000). It also operates Indigo at The O2 (2,800).

The new venue will be situated above the existing west exhibition hall at Olympia, a 7,000-capacity venue which has hosted numerous concerts by acts including Pink Floyd, The Cure and Primal Scream. The new facility is expected to open in 2024.

Once complete, Olympia London will also house a cinema, a 1,500-seat theatre, shops, restaurants and hotels, with the latter operated by citizenM and Hyatt Regency. AEG’s Global Partnerships team will oversee all of the naming rights and partnership opportunities for the whole Olympia London campus.

Yoo Capital chairman John Hitchcox said, “It’s been a challenging year for the events, live entertainment, retail and hospitality sectors but having these three partners on board is a real positive for London and a clear indication of confidence in both the city and this iconic landmark as a destination for culture and creativity. The Olympia project will give a real boost to the local economy, bringing in an extra £9m per year in consumer spending to Hammersmith & Fulham, so we are very pleased to be taking another big step towards the realisation of a new vision for this area.”

AEG Presents CEO Steve Homer said, “Olympia is steeped in British music history as far back as Jimi Hendrix in the 1960s. AEG Presents is delighted to be part of the new development and we plan to create more iconic shows for London audiences.”