A Cambridge college is in talks to buy the O2 entertainment complex for more than £20m, it was reported today. Trinity, the university's wealthiest college, has been in negotiations for the former Millennium Dome with property firms Quintain and Lend Lease for several weeks, according to the Sunday Times. Last week Quintain told its shareholders that exclusive talks with a preferred bidder were under way. The O2, in south-east London, has hosted concerts by artists including Madonna, Prince and Take That. Before his death Michael Jackson was due to play 50 shows there this summer.
It is understood that Quintain owns a 999-year lease for the O2 in a joint venture with Lend Lease.
The report said Trinity college has a long history of investing in property.
In its results statement last week Quintain said: "Ticket sales at The O2 remain strong.
"In the unlikely event that none of this year's cancelled dates from the Michael Jackson tour are replaced with other acts it is projected that revenue will still exceed the level required to deliver the maximum rental payment to Meridian Delta Dome Ltd, of which Quintain holds a 49% interest.
"Exclusive negotiations continue with a preferred bidder for the disposal of the group's interest."
No one from Trinity or Quintain was available to comment today.
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