Quintain, the developer and asset manager behind Wembley Park, said it has completed the sale of the 12,500-capacity OVO Arena Wembley to Intermediate Capital Group (ICG) for an undisclosed sum.

The ASM Global-operated venue, London’s second largest arena, was purchased by Quintain in 2002 as part of an initial acquisition of 44 acres of land in Wembley Park. The OVO Arena Wembley was significantly upgraded by Quintain in 2006 with a £36m refurbishment.

Built as the Empire Pool in 1934, the OVO Arena Wembley (formerly Wembley Arena) has hosted countless shows by hugely successful artists including David Bowie, Queen, ABBA, Britney Spears and Beyonce.

Quintain CEO James Saunders said, “As we build out the Wembley Park estate, with 3,000 more homes still to deliver, we continue to focus our efforts on our build to eent ambition, neighbourhood retail and placemaking. Naturally, we will work with ICG and ASM to ensure that the world-famous OVO Arena Wembley will remain an important part of this world class destination and neighbourhood.”

ICG Real Estate’s Andreas Papadolambakis said, “We’re delighted to be the new custodians of the iconic OVO Arena and to be partnering with ASM, a globally renowned arena operator. The investment represents ICG Real Estate’s first in the content and live entertainment space, a sector which is benefitting from structural tailwinds. As music consumption has pivoted towards streaming, touring has become increasingly important for artists whilst consumers are dedicating an increasing portion of their disposable income to experiences over material goods. We expect this to be the first of a programme of investments in the European content and live entertainment market.”

Chris Bray, Executive VP Europe of ASM Global, said: “Quintain have been excellent landlords for the OVO Arena for the last 20 years and we thank them for their stewardship. We look forward to working with new owners, ICG, to enhance Britain’s most iconic arena and continue to bring world class acts and artists to this world-famous entertainment district.”