Developer seeks greater control of X-Leisure Unit Trust鈥檚 portfolio
Developer Land Securities has agreed to buy a 42% share in leisure property firm X-Leisure Unit Trust.
Land Securities already owns a 12% interest in the company but has offered 拢110m to gain a further 42% share in X-Leisure Unit Trust and 100% control of its management company and X-Leisure (General Partner) Ltd.
The firm said leisure facilities represented an increasingly important part of its portfolio.
Richard Akers, Land Securities鈥� executive director said: 鈥淟eisure continues to be a growing element of our portfolio both organically and through acquisition. This transaction will further increase our reach and expertise in the sector. Today鈥檚 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.鈥�
X-Leisure Unit Trust has a portfolio valued at 拢580.6m.
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