Land Secs takes over X-Leisure centres

Land Securities now owns a majority stake in X-Leisure Unit Trust, the company behind the Xscape and SNO!zone entertainment centres in the UK.

The company announced on Thursday morning that it has completed the purchase of a 42% interest in X-Leisure Unit Trust and 100% holdings in X-Leisure Limited (the management company of the fund) and X-Leisure (General Partner) Limited for £111.9m.

This brings Land Secs' stake in the X-Leisure fund to 54%.

The fund's investment properties were valued at £595m at December 31st 2012.

The management company, X-Leisure Limited (XLL), will become a wholly-owned subsidiary of Land Secs, though its Chief Executive Officer PY Gerbeau is to step down.

"Leisure is increasingly being treated as an essential element of the UK consumers' habits and as we enhance our shopping centres by broadening their leisure offer, today's deal gives us unparalleled reach with the major operators," said Land Secs' Executive Director Richard Akers.

"We have been clear that we would look to increase the proportion of leisure in our business and today's announcement is further evidence of our plan to align our Retail Portfolio with the modern demands of the consumer," he said.