Trinity College is putting the long-term lease of London’s O2 Arena up for sale after acquiring the site 15 years ago, according to Sky News.

Sky News reported the College has instructed property advisers to initiate the selling of the asset and sound out prospective investors. It is currently unclear what has prompted the move.

Trinity acquired the 999-year lease for the arena in 2009 for £24 million. Since the purchase, the arena, managed by Waterfront Limited Partnership, has seen substantial growth. In 2023, the O2 witnessed a record-breaking 9 million visitors and over 2.5 million tickets sold.

The recent success of the site presents a stark contrast to the initial prospects for the dome after it was constructed for the new millennium. It was dubbed the “white elephant” by critics and was almost pushed into bankruptcy from a lack of visitors and ticket sales.

The O2 Arena is just one of the investments in Trinity’s vast portfolio that is worth more than £2 billion, making it the wealthiest college in both Oxford and Cambridge.

The College is also one of the largest landowners in the UK, including 400 acres of housing facilities at the Port of Felixstowe, the UK’s busiest container port.

The news comes off the back of another large sale by the College in 2021 where Trinity sold Dunsfold Park, which included the airfield used to film Top Gear, to a US investment manager for a reported £250 million.

Trinity College is currently facing significant student scrutiny over the investments it holds after Varsity revealed the College had not cut ties with any arms companies despite reports they had decided to do so last term.

Freedom of information requests seen by Varsity show the College has maintained investments in multiple arms companies. This includes Elbit Systems, which produces 85% of the drones and land-based equipment used by the Israeli army.

The Master of the College, Dame Sally Davies, has also come under scrutiny for stating that there was a “consensus” in the College against cutting ties from arms companies, and that she “regretted” the support the College gave to Ukraine and the precedent that set for responses to war and humanitarian crises.