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.
The portfolio includes a range of leisure and entertainment sites, including cinemas, two ski slopes, bars, restaurants, clubs, health and fitness and retail.
Subscribe to 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.
-
Hargreaves Lansdown bumps up cash ISA with £25 cashback - does it beat the wider ISA market?
Just days before the end of the tax year, Hargreaves Lansdown has launched a £25 bonus for those who open a cash ISA on its savings platform. Does the bonus make it a competitive rate, and are you eligible for the cashback?
By Vaishali Varu Published
-
FCA targets finfluencers with new social media guidance
So-called finfluencers have been warned by the UK financial watchdog that they could face prosecution if they fail to follow new rules.
By Henry Sandercock Published