UK real estate investment trust Land Securities Group Plc said today it had wrapped up the acquisition of a further 42% stake in the X-Leisure Fund and 100% of X-Leisure Limited and X-Leisure (General Partner) Ltd for GBP111.9m (USD179m/EUR134.6m).
The vendors are UK property asset manager Capital & Regional Plc (LON:CAL) and AREA Property Partnership (UK) LLP. As part of the deal, Capital & Regional disposed of its 11.9% stake in the X-Leisure Fund and its 50% interest in X-Leisure, the fund’s management company.
The transaction was completed after securing approval from the vendor’s shareholders, bank consents and regulatory clearance.
Through the deal, Land Securities has increased its stake in X-Leisure Fund to 54%. X-Leisure will become a wholly-owned unit of Land Securities and will preserve its staff. Its CEO has decided to resign.
Capital & Regional previously said that it would use part of the disposal proceeds to buy back its own shares.