Trinity college, Cambridge is reportedly in negotiations to buy London’s O2 entertainment complex, formerly Richard Rogers’ Millenium Dome
Trinity, the university’s wealthiest college, is said to have been in talks with current owners Quintain and Lend Lease for several weeks.
It is understood Quintain owns a 999-year lease on the former Millennium Dome site in Greenwich in a joint venture with Land Lease. Quintan confirmed to its shareholders that talks with a preferred bidder are underway.
Ownership of the site is complicated by the fact that the land is owned by English Partnerships, now part of the Homes and Communities Agency. It would be entitled to a share of any profits.
According to a report in the Sunday Times, Trinity college - which has a long history of investing in property - is willing to pay £20m for the 02.
In its results statement last week Quintain said: ‘Ticket sales at the O2 remain strong. Exclusive negotiations continue with a preferred bidder for the disposal of the group’s interest.’
No one from Trinity or Quintain was available to comment.