Characterization and modeling of co-channel interference is critical for the design and performance evaluation of realistic multi-cell cellular networks. In this paper, based on alpha stable processes, an analytical co-channel interference model is proposed for multi-cell multiple-input multi-output (MIMO) cellular networks. The impact of different channel parameters on the new interference model is analyzed numerically. Furthermore, the exact normalized downlink average capacity is derived for a multi-cell MIMO cellular network with co-channel interference. Moreover, the closed-form normalized downlink average capacity is derived for cell-edge users in multi-cell multiple-input single-output (MISO) cooperative cellular networks with co-channel interference. From the new co-channel interference model and capacity formulas, the impact of cooperative antennas and base stations on cell-edge user performance in the multi-cell multi-antenna cellular network is investigated by numerical methods. Numerical results show that cooperative transmission can improve the capacity performance of multi-cell multi-antenna cooperative cellular networks, especially in a scenario with a high density of interfering base stations. The capacity performance gain is degraded with the increased number of cooperative antennas or base stations.