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.
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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.
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