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.

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.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

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.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.