The property was purchased by a joint venture of institutional investors led and advised by Deutsche Finance International and Yoo Capital.
Funding was provided by L&G’s private credit business, part of LGIM Real Assets, on behalf of L&G Retirement.
Ashley Goldblatt, head of commercial lending at LGIM Real Assets, said: “Representing our first acquisition finance deal, this debt facility brings our total lending to over £2bn and demonstrates our ability to continue to move into areas that the market might not traditionally expect to see us in.
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“Continuing to prove our platform’s ability to understand and back alternative asset classes, in this case working through a complex arrangement to support a time sensitive off-market transaction, and providing a shorter-term facility.
“Olympia London is an iconic exhibition centre of a scale and enviable location not replicated elsewhere in the UK.”
The 130-year-old venue welcomes more than 1.6 million visitors and hosts over 200 events each year.
The acquisition also involves 3.9 acres of freehold land available for hospitality, leisure and residential development.
Lloyd Lee, managing partner at Yoo Capital, added: “We are extremely pleased to be working with L&G and, under Ashley’s leadership, L&G delivered with an impressive speed, decisiveness and commercial mindset.”