Land Securities to take to the slopes in deal to buy X-Leisure

 
Kasmira Jefford
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LAND Securities yesterday revealed it is to buy a controlling stake in X-Leisure, the owner of venues including the Xscape indoor ski slopes and Brighton Marina, for £110.6m.

The property giant has agreed a deal with Capital and Regional and Area Property Partners to buy a further 42 per cent stake in X-Leisure Unit Trust and also buy outright the company that manages the £580m fund.

Land Securities has been on a buying spree this year to increase its exposure to the leisure and eating-out sector, which it views as being under less threat from the internet.

It acquired its initial 12 per cent stake in X-Leisure last year and in May the developer snapped up Manchester’s leisure complex the Printworks for £95m as well the Cornerhouse in Nottingham £50m.

X-Leisure owns 16 schemes across the UK totalling 3.1m square feet an include everything from ski slopes to rock climbing centres, sportswear shops and restaurants.

The deal, which needs to be approved by other investors in the fund, would give Land Securities day-to-day control of the assets.