Features
NEC Sale Confirmed
Birmingham City Council has confirmed that it’s hived off the NEC Group to the private equity arm of Lloyds Banking Group, raising around £307 million toward the £1 billion worth of pay claims it owes.
The announcement came Jan. 16, days after Sky News said the investment wing of the taxpayer-backed bank would likely have inked the bill within a week.
The NEC Group’s Birmingham complex includes the NEC Exhibition Centre,
Birmingham City Council has retained a right to claw back certain non-core land at the NEC site for future development. The deal does not include various plots of undeveloped land adjacent to the NEC site (primarily east of the M42), which will also be retained by the council.