Aberdeen's new £333 million event complex will officially be named P&J Live, after DC Thomson Media – which owns The Press & Journal and Evening Express – has agreed a deal with the venue's operator SMG Europe to become the inaugural naming-rights sponsor for the state-of-the-art concert, exhibition, conference and banqueting venue due to open this summer.

The outstanding facility, developed by Aberdeen City Council and development partner Henry Boot Developments (HBD), will bring some of the biggest stars in music and entertainment to the Granite City, as well as conferences and exhibitions with attendees from across the globe.

P&J Live will provide a world-class venue for Scotland, boasting 48,000 sqm of event space and 12,500-capacity main arena, making it one of the biggest event venues in the UK. It is expected to bring an additional 4.5 million visitors to the city with an additional visitor spend of £113 million. P&J Live will also result in the creation of over 350 jobs.

Aberdeen City Council Co Leader Councillor Douglas Lumsden said: "It is great that our multi-million-pound new venue has a naming rights sponsor in the form of one of the most well-known local media companies and they will play a big part in the future of TECA.

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"The P&J Live partnership will ensure the fantastic acts, conferences and events will be known throughout the north of Scotland and beyond which fits in with our Regional Economic Strategy with internationalisation at its heart.

"We want to attract major artists and events to the north-east to ensure the area competes on a global scale and it will be fantastic to watch how the P&J Live partnership will contribute towards that."

Alan McCabe, Editor-in-Chief of The Press & Journal, said, "DC Thomson Media is delighted to be making a significant investment in the future of Aberdeen and the north-east by supporting this truly phenomenal venue.

"There's a lot to be positive about in Aberdeen right now and we see this as big vote of confidence for the region. P&J Live will provide a visitor experience far beyond anything seen in the city and will attract visitors from far and wide and give us all an opportunity to shout about what a great place this is to live, work and play."

Events already lined up for the impressive venue include Lewis Capaldi, Elton John, Russell Howard and Game Con, with more set to be announced. SPE Offshore Europe – which generates more than £53 million for the north-east across four days - will also be held at P&J Live in September, the complex's first exhibition.

Nick Waight, Managing Director at P&J Live, said: "We are thrilled to welcome P&J Live as our official naming rights partner. Having a brand which has strong roots in Aberdeen is incredibly important to us and being part of DC Thomson Media is hugely positive for our business and pivotal to the success of this transformational project. We look forward to a strong partnership and bringing P&J Live to life, delivering on a fantastic new venue for entertainment, conferencing and exhibitions for Aberdeen and the north-east of Scotland."