19th Sep 2013 08:54
LONDON (Alliance News) - Land Securities Group PLC Thursday said it has agreed to buy a further 35.65% stake in leisure fund X-Leisure Unit Trust for GBP104 million in cash, taking its total ownership to 95%.
The deal follows Land Securities' decision in January to take a controlling stake in the Trust, which has assets valued at GBP590 million, annualised net rental income of GBP39.6 million, and a net initial yield of 6.35%.
"Eighteen months ago Land Securities had no major standalone leisure assets, Executive Director Richard Akers said in a statement. "Today we are the UK's biggest leisure landlord with significant exposure to a sector which is seeing strong occupational demand. We have gained control of X-Leisure without paying a premium."
Land Securities shares were trading 925.50 pence Thursday, up 24.00 pence or 2.7%
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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