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| Land Securities increases X-Leisure holding Land Securities, Britain's largest real estate investment trust by market capitalisation, has completed the purchase of a 42% interest in the X-Leisure Unit Trust and 100% interests in X-Leisure Limited (the management company of the fund) and X-Leisure (General Partner) Limited for £111.9m (subject to final adjustments). Completion follows satisfaction of the conditions relating to approval from Capital & Regional shareholders, bank consents and regulatory approvals outlined in Land Securities' announcement of 21 December. This transaction increases Land Securities' holding in the X-Leisure Fund to 54%. As at 31 December 2012, the key financials for the fund based on the unaudited management accounts (prepared under UK GAAP) were: investment properties valued at £595m, net assets of £295m, gross rental income after ground rents for the year of £40.5m, external debt of £300m with an average cost of debt of 6.1%. The 100% acquisition of X-Leisure Limited ('XLL') will see the management company become a wholly-owned subsidiary of Land Securities and the existing employees will remain with the business. However, PY Gerbeau (CEO of XLL) has decided that, with the transfer of the management company, he will leave the business to take on new challenges. write your comments about the article :: © 2013 Construction News :: home page |