Chinese conglomerate bids to acquire Olympia exhibition centre in UK
China's industrial conglomerate HNA Group is in talks to acquire the Olympia exhibition center in west London from Capital & Counties Properties (CapCo), according to a Bloomberg report.
HNA has teamed up Bugsby Property to offer more than 300 million pounds (USD 375 million) for CapCo’s venues unit, which owns the property. A separate bid from a group including Yoo Capital and a German company is also being considered, according to the report.
The value of the events business fell 1% to 293 million pounds in 2016, according to the company’s annual report. The unit generated earnings of 19 million pounds, the report showed.
Andy Slaughter, Member of Parliament for Hammersmith said:
“London Olympia is one of the UK and Europe’s premier exhibition spaces and is vital to both the local economy and the UK events and exhibitions industry.”
Read original article