£24million deal done for O2 land lease

By Simon Hayes on October 9, 2009 11:37 AM |

The land housing The O2 has been bought today for £24million by Trinity College, Cambridge.

The college announced the purchase of the 999-year lease from Quintain and Lend Lease this morning, although the deal will have no bearing on The O2 itself.

The entertainment venue is owned and operated by AEG Europe and it pays an annual rent to the landlords based on ticket sales.

Quintain still owns the land around The O2, where it is building the Greenwich Peninsula development.