AEG Europe said the new 8,500-capacity arena will bring world-class live music and entertainment to the capital.

The venue operator is seeking planning approval for the arena in the heart of Edinburgh Park after agreeing a deal to purchase the site from developer Parabola.

Alex Hill, president and CEO of AEG Europe, said: “AEG is thrilled to announce this spectacular new arena for Edinburgh. It’s a location with immense potential, amplified by Parabola’s transformative development and regeneration of Edinburgh Park.

“The much needed 8,500-capacity arena will bring world-class live music and entertainment to Edinburgh, further cementing its reputation as a destination for culture and global tourism. We look forward to this development becoming an integral part of the local community and complementing one of the best cities in the world for the arts and live entertainment.”

Peter Millican OBE, chairman and founder of Parabola said: ”Parabola is delighted to be working with AEG in the delivery of such an iconic venue for the city. This investment will complement all that is on offer at Edinburgh Park and ensure that the arts and culture has an outstanding live performance facility. The new Edinburgh Arena will put west Edinburgh on the map as a new cultural destination.”

A planning application for AEG’s Edinburgh arena will be submitted to the City of Edinburgh Council in the coming weeks. It is anticipated that the matter will then be determined within six months, with work expected to begin in early 2025 and the first live events taking to the stage in 2027.

As part of the planning process, public consultation exhibitions will be held at Edinburgh Park.