(Reuters) - British property developer Capital & Counties (CAPCC.L) said on Friday it has sold its exhibition business for 296 million pounds ($367 mln) to a group of institutional investors.
The business, called Venues, comprises the Olympia London exhibition centre in west London and other property assets.
The new owners include German public pension schemes manager Bayerische Versorgungskammer, Deutsche Finance Group, and Yoo Capital.
The value of the events business fell 1.3 percent to 293 million pounds in 2016, according to the company’s annual report.
Capital & Counties, which owns large parts of the Covent Garden district in central London, said in late February that the residential market remained challenging following increases in stamp duty and Britain’s vote to leave the European Union.
“This (deal) will position the company to concentrate effort and resources on our two central London estates at Covent Garden and Earls Court,” the company said.
The consortium was advised by Deutsche Finance International.
Other advisors to the transaction included Norton Rose Fulbright, Deloitte, Langham Hall and Jones Lang LaSalle.
(This version of the article corrects to clarify Yoo Capital is part of the consortium)
Reporting By Justin George Varghese in Bengaluru; Editing by Susan Fenton.