ExCeL London sold for £321million
ExCeL London has been sold to a UK subsidiary of the Abu Dhabi National Exhibitions Company (ADNEC). The acquisition, valued at £321million, is part of ADNEC’s strategy to develop a global network of venues to serve the international exhibitions industry.
ADCG (UK) paid £178million to the shareholders of ExCeL owner, London International Exhibition Centre Holdings. The remainder has been paid to clear the venue’s loans, enabling the sale of the venue as debt free.
Lord Tom King of Bridgwater will step down as ExCeL London Chairman but will be retained as a Non-Executive Director
Simon Horgan, Chief Executive of ADNEC said: “ExCeL London has a strong track record of attracting a wide range of leading events and has become one of Europe’s most important exhibition and conference venues. By developing a network of world-class venues we will be able to serve the needs of an industry that is increasingly global in its outlook. ExCeL London will play a vital role in delivering ADNEC’s strategy and in doing so has a very bright future.”
