First Tenants Revealed
Three major agreements with leading names in entertainment and hospitality have been signed as the first occupiers to commit to the landmark scheme, four years ahead of its scheduled completion.
With construction work underway at the 14-acre site, live entertainment company AEG Presents, global hotel group Hyatt and affordable luxury lifestyle and hotel brand citizenM have all signed long-term agreements to operate out of the west London venue.
1. A 4,400-capacity state-of-the-art, purpose-built live music venue, to be located above the existing west exhibition hall, will be run by AEG Presents, the world-leading global music and live entertainment company
2. citizenM London Olympia, the brand's fifth London destination, will feature 145 rooms, three societyM meeting rooms, and an exciting interpretation of the citizenM Living Room in the historic listed Apex Room
3. Hyatt Regency London Olympia will deliver personalised and energising guest experiences, memorable dining and flexible places to work, collaborate and relax. It will feature 196 rooms and suites, four meeting rooms, a bar and deli, and be connected to a new restaurant to be developed in the historic Pillar Hall.
The £1.3 billion Olympia redevelopment project will create a new cultural hub in west London. Yoo Capital and DFI are also in advanced talks with other potential occupiers with strong interest being shown for the development’s four-screen arthouse cinema, 1,500-seat theatre, restaurants, shops, cafés, hotels and 550,000 sq ft of office and co-working space. The Heatherwick Studio and SPPARC-designed project will also see the enhancement of the existing exhibition halls and 2.5 acres of new public space created.
CBRE and Cushman & Wakefield are joint advisors on the leasing. The Olympia London redevelopment is due to be completed in 2024.
Richard Howard, Head of London Leasing at Cushman & Wakefield, commented: “Being able to communicate this very exciting news against the backdrop of all that has happened in 2020 shows just what an attractive proposition Olympia is – the sum of its parts adds up to a whole that is so much more than the usual – Olympia will be a shining star in the firmament of London’s truly significant schemes where you will come to stay, enjoy world-class dining, see the very best in entertainment, and enjoy a workplace that will be the envy of the next generation of talent. This feels like the beginning of a hugely exciting journey, one that Cushman & Wakefield is hugely proud to be part of."
Chairman of Yoo Capital, John Hitchcox, added: “It’s been a challenging year for the events, live entertainment, retail and hospitality sectors – but having these three partners on board is a real positive for London and a clear indication of confidence in both the city and this iconic landmark as a destination for culture and creativity. The Olympia project will give a real boost to the local economy, bringing in an extra £9m per year in consumer spending to Hammersmith & Fulham, so we are very pleased to be taking another big step towards the realisation of a new vision for this area.”
Yoo Capital Managing Partner, Lloyd Lee, said: “We made a commitment in 2018 to the community, government leadership and the creative industries that we would deliver a new district dedicated to the performing arts, entertainment and exhibitions in 2024. In these incredibly challenging times, we not only welcome our new partners but, on their behalf and our own, we also would like to thank the literally hundreds of industry professionals who have worked with us tirelessly every day to achieve this next major milestone and keep us on track to bring Future Olympia to life in less than four years from today.”
Oliver Gardiner, Development Director at DFI, added: “To have secured three such high-profile and recognised brands for Olympia against the current market backdrop, and four years ahead of completion, is a ringing endorsement of the enormous potential that is set to be unlocked through this project. Our plans are on schedule and it’s gratifying to have reached this milestone as we work to assemble a world-leading occupier line up.”
Nigel Nathan, Managing Director of Olympia London, commented: “We’re incredibly excited to have these fantastic brands joining us as our new onsite neighbours. Collectively we’re creating richer experiences and more opportunities for all our customers and visitors that we host at our iconic London venue.”
Cllr Stephen Cowan, Leader of the London Borough of Hammersmith & Fulham, added: “Olympia is a crucial part of our mission to make Hammersmith & Fulham a global hotspot in STEM industries, the arts, fashion and culture, that is already bringing some of the best careers and start-up opportunities to our residents’ doorsteps – something that will continue for generations to come. I welcome news of Yoo Capital Management’s latest progress and will continue to work with them and local residents on this important project.”
Steve Homer, CEO AEG Presents, commented: “This is a very exciting opportunity. Olympia is steeped in British music history as far back as Jimi Hendrix in the 60s. AEG Presents are delighted to be part of the new development and we plan to create more iconic shows for London audiences.”
Klaas van Lookeren Campagne, CEO of citizenM hotels, who have signed a hotel management agreement with Olympia London, added: “We are thrilled to be bringing citizenM to this exciting development in Olympia. We are confident that our affordable luxury concept will appeal to weekend culture-lovers and weekday workers alike, and are delighted to have found such a perfect location for our fifth property in London. We are grateful for our relationship with Yoo Capital and look forward to working closely with them on this exciting project."
Felicity Black-Roberts, vice president of development Europe, Hyatt said: “The idea behind the Hyatt Regency brand is to offer a stress-free environment for seamless gatherings and empathetic service that anticipates the needs of our guests. Adding a second Hyatt Regency hotel to the Hyatt portfolio in London contributes to our ambitious growth strategy for the United Kingdom. With its cultural offering, great transport links and local surroundings, Olympia London is the perfect new location for us.”
Alistair Wood, EVP Real Estate & Development at AEG Europe, commented: “We are very impressed by the scale and ambition of Olympia’s vision for this site. This will become a real hub for events and entertainment for the west of London and we are delighted to be able to play a part in delivering that vision with a venue that will fill an identified gap in the London live music market.”
02/12/2020 10:47 by Buildington
Gerald Eve has secured, on behalf of Yoo Capital, a resolution to grant planning permission and listed building consent for the comprehensive redevelopment, refurbishment and regeneration of the Olympia site.
The decision follows 18 months of detailed engagement with London Borough of Hammersmith and Fulham, the Greater London Authority, Transport for London and Historic England, as well as local residents and businesses.
In short, the proposals will maintain and enhance Olympia’s status as a world-class exhibition destination through improving and enhancing exhibition and conferencing facilities and delivering a range of supporting and complementary uses including over half a million sq ft of office accommodation; visitor accommodation; food and beverage facilities; and destination leisure and cultural uses (including cinema, theatre, live music and performance space). In addition, the proposals will deliver significant public realm improvements including a new elevated landscaped walkway, and increase permeability throughout the site.
05/02/2019 10:09 by Buildington
Capco has exchanged and completed on the sale of Venues, its exhibition business, comprising Olympia London together with certain related property assets, for a total gross cash consideration of £296 million (the “Disposal”).
Venues has been sold to a consortium of German institutional investors, which includes Bayerische Versorgungskammer (Germany’s largest manager of public pension schemes investing through a fund managed by Universal-Investment) as the single largest shareholder, the Versicherungskammer Bayern Group (Germany’s largest public insurer) and DFI European Value Add Fund (together the “Consortium”). The Consortium is advised by investment firm Deutsche Finance International and Yoo Capital, as UK co-investor. Capco has been advised by Rothschild and CBRE on this transaction.
The Disposal is for a total gross consideration of £296 million (before net debt and working capital adjustments)
After repayment of debt, working capital adjustments and transaction-related costs, net proceeds are approximately £229 million, in line with the net asset value of Venues
The Disposal provides an opportunity for Capco to realise significant cash proceeds which will be used initially to repay bank debt and subsequent to this, for deployment in Capco’s core central London estates, as well as to take advantage of opportunities as they arise.
Following the Disposal, Capco’s pro-forma LTV as at 31 December 2016 decreases from 23 per cent to 17 per cent
Ian Hawksworth, Chief Executive of Capco, commented:
“We are pleased to announce the sale of Olympia London to the Consortium. Following the successful transition of shows from the former Earls Court exhibition centres and our strategic investment in recent years, Olympia London is now established as the preferred central London venue for premium shows. Now that the period of transition is complete, it is the right time for Capco to exit its ownership of the venue. It has been our privilege to be part of the rich history of this historic venue, and we wish the business and management team great success under its new ownership.
The completion of this transaction delivers value for our shareholders and will position Capco to concentrate effort and resources on our two exceptional central London estates at Covent Garden and Earls Court, as well as further enhance our financial flexibility to take advantage of opportunities as they arise.”
Venues is an exhibition business, comprising Olympia London together with certain related property assets.
Capco acquired full control of the Earls Court & Olympia London venues and operating business in 2009. Earls Court and Olympia London were run as one business until the permanent closure of Earls Court at the end of 2014. In the run-up to the closure of Earls Court, Capco successfully transitioned over 80 per cent of shows from Earls Court to Olympia London. In addition, Capco invested £30 million in Olympia London establishing it as the preferred central London venue for premium shows.
Venues generated an EBITDA of £19.0 million and profit after tax of £11.8 million for the year ended 31 December 2016. Venues had gross assets of £313.0 million as at 31 December 2016.
The Disposal has been effected by way of a sale of the entire issued share capital of Olympia Exhibitions Group Limited.
08/04/2017 10:18 by Buildington
Olympia London continues to cement its status as the venue of choice for premium shows in central London, reports CAPCO.
The venue has had a busy start to 2016 with over 90 events hosted to date including two of the UK’s largest exhibitions, London Book Fair and Ideal Home Show, reflecting its excellent prospects as a central London venue.
As previously reported, Capco has undertaken a strategic review of the Venues business. This review has concluded that, whilst the business is not a long-term core holding for Capco, ownership will be retained as it offers a reliable and growing income stream.
EBITDA for the first half is £10.6 million, up 19.1 per cent compared to the first half of 2015. The valuation of the Venues business, which includes Olympia London property assets and Maclise Road, is unchanged at £295 million.
Source: Capital & Counties Properties Plc Interim Results for the six months ended 30 June 2016
26/07/2016 12:33 by Buildington
Over 80 per cent of shows have contracted to move from Earls Court to Olympia London.
Covering the full spectrum of trade and consumer, Olympia London is delighted to be hosting a packed and varied calendar in 2015 from organisers including Reed Exhibitions, Clarion, Centaur and Media 10. Events include the biggest consumer event in the UK, Ideal Home Show as well as Ideal Home Show at Christmas and 100% Design, all Media 10 events. From Reed Exhibitions; London Book Fair, Info Security Europe, which will co-run with The Service Desk and IT Support Show. This year also sees Reed’s International Jewellery London transferred from Earls Court to Olympia London. Clarion brings Pulse and Top Drawer, the design-led gifts and fashion accessories event, which has also confirmed its relocation.
Faced with several venue choices, organisers chose Olympia London for its central location and the continuity of experience it offers visitors. Located only ten minutes’ walk from Earls Court visitors can still enjoy the services, transport, local restaurants and hotels they are familiar with.
Events will showcase Olympia London’s new possibilities following over £30 million of investment, which has created new spaces and enhanced flexibility. The London Book Fair, for example, exhibiting across the entire 42,910m2 of space, will be hiring all seven interconnected spaces. Centaur’s Business Travel Show, which co-locates with Travel Technology Europe and Hospitality Technology Europe, will hire the whole of Olympia Grand, including the gallery, with an intelligent use of space that makes the shows independent, yet connected. Shows will also benefit from the architectural beauty of their new location, particularly the barrel-vaulted Victorian roof of Olympia Grand, which lets natural light pour in.
Nigel Nathan, Group Managing Director at Earls Court & Olympia London, said: “It is a fantastic result to see how our investment in Olympia London has enabled such large events to work successfully at the new venue. We have strong relationships with our organisers and their shows, so we are delighted to maintain these and look forward to a successful and profitable future together. These events help cement Olympia London’s deserved reputation as the capital’s premiere exhibition venue.”
Anna Golden, Commercial Director at Earls Court & Olympia London, commented: “With the continued investment into Olympia London, the venue is ready to host the UK’s pre-eminent events. We have completed new entrances to the spaces, new registration facilities and a market-leading Wi-Fi system. We are confident event organisers, exhibitors and visitors will be very happy in their new home and enjoy the possibilities it offers.”
Source: Olympia London Olympia.co.uk
08/11/2014 22:26 by Buildington