Trinity College set to buy the O2

Trinity College is tipped to be on the verge of acquiring the O2 from property group Quintain Estates and partner Lend Lease for £20m. Quintain recently warned it was on the verge of bankruptcy, and as a result of its problems it is looking to sell the 999-year lease it owns on the venue. The British government owns the freehold for the site.

Trinity College is one of the richest colleges in either Cambridge and Oxford, with a large portfolio of investments, much of which is in commercial property. It owns industrial parks around the country as well as other sites like Felixtowe Port, the country's biggest sea container port.

While it will seen by many as an unlikely buyer of such a high-profile venue, the purchase may make sense as it will have struggled to keep yields at higher levels as a result of the downturn in the property market. The 23,000-capacity O2 stadium has proved to be a popular destination for concert-goers, even during the recession, and was to be the venue for Michael Jackson's comeback tour in the UK.

Quintain announced last week that it was in exclusive talks with a preferred bidder and after negotiations which have lasted several weeks it is thought that the parties are now nearing an agreement.

WHAT THEY ARE SAYING:

Rupert Steiner in the Daily Mail: "The news is likely to shock dons and undergraduates in equal measure. But as the wealthiest of the Oxbridge colleges, Trinity has invested billions in property over the years..."