Excel centre sold to middle eastern buyer

A MIDDLE Eastern exhibition giant has bought the ExCeL centre in a multi-million-pound deal.

Abu Dhabi National Exhibitions Company (ADNEC) acquired control of the Royal Docks centre through a UK subsidiary as part of its bid to build a global network of exhibition venues.

The buyer has agreed a deal with London International Exhibition Centre Holding (LIECH) which values its share capital at approximately £178million.

The acquisition is valued at more than 2.3billion Arab Emirates Dirham (around £320million).

ADNEC chairman Sheikh Sultan Bin Tahnoon Al Nahyan said: “This very important acquisition is designed to directly support the Abu Dhabi government’s economic diversification strategy. It will allow us to attract fresh investment, events and talent to the United Arab Emirates capital and demonstrates our serious commitment to London, the UK and the international events industry.”

Since opening in November 2000, the city’s largest exhibition centre has welcomed exhibition visitors from Thames Gateway developers to Star Wars fans, and has just hosted a nine-day Grand Designs Live showcase as well as A Place In The Sun.

It has also attracted controversy as the venue for the DSEi international arms fair.

The cash offer values each A, B and C share at £342.58, each D share at 10p and the entire issued E shares at £1. ADNEC’s chief executive Simon Horgan confirmed existing exhibition commitments, such as the venue’s hosting of the 2012 London Olympics, would not be affected.

He said: “ExCeL London will play a vital role in delivering ADNEC’s strategy and in doing so has a very bright future.”