Day of leisure for Land Securities
Land Securities said it would spend well over 100m pounds to take control of entertainment firm X-Leisure.
Land Securities said it would spend well over 100m pounds to take control of entertainment firm X-Leisure.
The target firm owns 16 schemes across the UK, including the X-scape centre in Milton Keynes and Brighton Marina.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Land Securities has signed share purchase agreements with Capital & Regional and AREA Property Partnership to take a further 42% interest in the X-Leisure Unit Trust.
It will also take 100% interests in X-Leisure Limited, the management company of the fund, and X-Leisure (General Partner) Limited for around £110.6m.
Land Securities currently owns a 12% interest in the X-Leisure Unit Trust.
The deal would give the company day to day control of the assets in the X-Leisure Unit Trust.
Executive Director Richard Akers said leisure continued to be a growing element of the company's portfolio both organically and through acquisition.
"This transaction will further increase our reach and expertise in the sector," he said.
"Today's announcement is an affirmation of our belief in the attraction of leisure and of our desire to be responsible for the management of assets where we hold a majority share."
The transaction is subject to approval from unit-holders who are not participating in this transaction to the transfer of the management company to Land Securities.
It also needs Capital & Regional shareholder approval for the sale of their interests in both the fund and the management company.
-
Revealed: The 10 UK locations which could see the biggest house price growth in 2026Scotland leads the way for house price growth in 2026 according to Zoopla, but what regions will do the best in 2026?
-
Could pensions inheritance tax rule change create liquidity crisis for Sippholders?Pension inheritance tax rule changes from April 2027 could create a liquidity crisis for some self-invested personal pensions (Sipps) holding commercial property. We reveal what you can do to mitigate the impact.
