LDC will also acquire Birmingham City Council’s interest in Genting Resorts World at the NEC site; a £200m leisure and entertainment complex with a four and five-star hotel and spa, retail offerings, restaurants and bars, an 11-screen cinema, and large casino.
The NEC will also operate the Vox Conference and Banqueting facility at Genting Resorts World to complement and enhance its wider exhibition, conference and live events offering.
Paul Thandi, chief executive of the NEC Group, said: "From the start LDC has understood the NEC Group’s potential with new ways of deploying investment in resources and capital to the benefit of the business, our customers, and our markets. Their support will allow us to capitalise on our market-leading position and our team look forward to building a new phase of organic and acquisitive growth."
It was announced on Monday that LDC expected to take control of the NEC. The acquisition will mean that LDC will take control of the whole NEC Group, which includes the exhibition halls; the International Convention Centre (ICC); the Barclaycard Arena – formerly known as the National Indoor Arena; the Genting Arena – formerly known as the LG Arena; and The Ticket Factory agency.