Land Securities has bought a stake of just more than 10% in the £282m X-Leisure fund.
The news comes less than a year after LandSecs walked away from talks to acquire a controlling stake in the business from main shareholders Capital & Regional and Area Property Partners last August.
The REIT has now spent around £30m buying small holdings from X-Leisure’s 20-odd shareholders, which include Aviva Investors and Coal Pension Properties – although it is understood these are not necessarily the shareholders from which Land Securities has purchased holdings.
A Land Securities spokesman said: “We do hold an investment in X-Leisure because as we have stated that we see leisure as a crucial part of our retail offer.”
A source close to the deal said the REIT was interested in the X-Leisure fund and its assets but the move should not be seen as a precursor to a full takeover.
10 January 2013
16 November 2012
09 November 2012
16 May 2012