Land Securities to increase its stake in X-Leisure

Real estate group Land Securities is set to increase its stake in X-Leisure - the company behind the Xscape and SNO!zone entertainment centres in the UK.

Real estate group Land Securities is set to increase its stake in X-Leisure - the company behind the Xscape and SNO!zone entertainment centres in the UK.

The FTSE 100 company has been the green light from the unit holders of X-Leisure Unit Trust to acquire 100% in X-Leisure from property investment company Capital and Regional.

Land Securities said it was an important step towards gaining a further 42% interest in X-Leisure Unit Trust and whole ownership of the company's management fund and general partner.

The transaction remains subject to approval from Capital and Regional shareholders, banks and regulators.

Richard Akers, Executive Director at Land Securities said Friday: "We have set out our plan to increase the proportion of leisure in our business and today's announcement represents a significant hurdle cleared in the purchase of the majority of the X-Leisure fund and responsibility for the management of the assets."

The X-Leisure Unit Trust is the market dominant investment portfolio of leisure property in the UK.

Land Securities has a market capitalisation of £6,382m. Shares fell 0.55% to 819.00p at 14:40 Friday.

RD

Recommended

HubSpot: a tech stock set to tumble
Trading

HubSpot: a tech stock set to tumble

US tech stocks have had a fantastic couple of years. But this year is unlikely to be so bullish for high-fliers that can’t turn big profits.
18 Jan 2022
How to be better at selling stocks
Investment strategy

How to be better at selling stocks

There is plenty of advice around about buying stocks, but not so much about when you should sell. John Stepek explains the two key things to know abou…
14 Jan 2022
Share tips of the week – 14 January
Share tips

Share tips of the week – 14 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
14 Jan 2022
Fintech: how to profit as technology transforms banking around the world
Share tips

Fintech: how to profit as technology transforms banking around the world

Financial technology – from apps to APIs to the cloud – is rapidly transforming financial services. This will spell doom for some incumbent firms, whi…
14 Jan 2022

Most Popular

Five unexpected events that could shock the markets in 2022
Stockmarkets

Five unexpected events that could shock the markets in 2022

Forget Covid-19 – it’s the unexpected twists that will rattle markets in 2022, says Matthew Lynn. Here are five possibilities
31 Dec 2021
US inflation is at its highest since 1982. Why aren’t markets panicking?
Inflation

US inflation is at its highest since 1982. Why aren’t markets panicking?

US inflation is at 7% – the last time it was this high interest rates were at 14%. But instead of panicking, markets just shrugged. John Stepek explai…
13 Jan 2022
Tech stocks teeter as US Treasury bond yields rise
Tech stocks

Tech stocks teeter as US Treasury bond yields rise

The realisation that central banks are about to tighten their monetary policies caused a sell-off in the tech-heavy Nasdaq stock index and the biggest…
14 Jan 2022