Xscape deal for Land Securities

LAND Securities has paid £110.6m to take a majority stake in the company which runs the Xscape leisure complex in Castleford.

The property group, the developer behind the Trinity Leeds shopping centre, has acquired a further 42% interest in the X-Leisure Unit Trust and 100% of X-Leisure Limited, the management company of the fund, and general partner X-Leisure from Capital & Regional and AREA Property Partnership.

Land Securities already owned a 12% interest in the X-Leisure Unit Trust.
 
Richard Akers, director at Land Securities, said: “Leisure 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’s 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.”

The deal is subject to unit-holders and Capital & Regional shareholders agreeing to it.
 
The X-Leisure business operates 16 venues across the UK.