Capital & Regional considers X-Leisure’s future

PROPERTY giant Capital & Regional has said it is considering selling off its stake in its X-Leisure operation, which owns Xscape in Castleford and Cardigan Fields in Leeds.

The company, which has an 11.9% stake in the X-Leisure fund, said it is looking to shift its focus to shopping centres and retail parks.

“Given our intended focus on shopping centres and retail parks we will look to realise the value of our investments in X-Leisure,” the company said.

In its half year results, the company also said the X-Leisure Castleford facility was in breach of its banking covenants at June 30 but said: “These were remedied by an £813,000 deposit of cash held elsewhere in the X-Leisure fund with the bank.”

Capital & Regional operates shopping centres throughout the UK, including The Mall in Barnsley through its Mall Fund.

The 180,000 sq ft centre has tenants that include TK Maxx, Next and Primark.