X-Leisure unit holder approval for acquisition

RNS Number : 1686U

Land Securities Group PLC

21 December 2012

 



21 December 2012

Land Securities Group PLC ("Land Securities")

LAND SECURITIES' ACQUISITION OF X-LEISURE'S MANAGEMENT COMPANY receives unit-holder approval

Unit-holders in the X-Leisure Unit Trust have today approved Land Securities' acquisition of 100% interests in X-Leisure Limited (the management company of the fund) and X-Leisure (General Partner) Limited from Capital & Regional plc and AREA Property Partnership (UK) LLP. 

This is an important step in Land Securities' transaction to acquire a further 42% interest in X-Leisure Unit Trust and 100% interests in X-Leisure Limited (the management company of the fund) and X-Leisure (General Partner) Limited from Capital & Regional plc and AREA Property Partnership (UK) LLP.  However, the transaction remains conditional and is subject to:

·     approval from Capital & Regional shareholders for the sale of their interests in both the fund and the management company; and

·     bank consents and regulatory approvals

Richard Akers, Executive Director at Land Securities said:

"We have set out our plan to increase the proportion of leisure in our business and today's announcement represents a significant hurdle cleared in the purchase of the majority of the X-Leisure fund and responsibility for the management of the assets."

Land Securities will issue further updates on the transaction in due course.

-Ends-

Notes to editors:

X-Leisure owns 16 schemes across the UK including X-scape in Milton Keynes and Brighton Marina.

For further information, please contact:

Land Securities Group PLC

Press                                                                          Investors

Donal McCabe                                                            Edward Thacker

T: [phone]                                              T: [phone]

[e-mail]                          [e-mail]

 

END

 

 

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