Brummie institution the National Exhibition Centre (NEC) has been sold along with its parent company to LDC, the investment arm of Lloyds Banking Group, in a deal valuing it at £307m.
As well as a 125-year lease on the NEC itself, the deal also includes the Genting (formerly known as the LG) Arena and 25-year leasehold interests in the International Convention Centre and the Barclaycard Arena - although Birmingham City Council will keep the freehold of all the sites, and has the right to claw back "non-core land" for development.
A statement released by the council said selling off NEC Group will allow it to "maximise its growth opportunities and achieve its strategic potential".
Sir Albert Bore, leader of Birmingham City Council, said it was pleased to have attracted a "Birmingham-based buyer... that understands the local importance of the NEC and shares our vision for the future".
This will ensure that the business goes from strength to strength, and that the NEC continues to play a leading role in the wider economic development of the region whilst securing Birmingham and the wider West Midlands’ position as the home for outstanding live events.
Put together, the businesses are thought to bring in £2bn a year for the West Midlands.