15th Dec 2006 07:58
Capital & Regional plc15 December 2006 CAPITAL & REGIONAL PLC: X-LEISURE SELLS STAR CITY BIRMINGHAM Capital & Regional plc, the co-investing property asset manager, today announcesthat the X-Leisure Fund, the largest owner of leisure real estate in the UK, hasexchanged contracts unconditionally to sell Star City in Birmingham to REITAsset Management for £85.5m. Completion is set for 18 January 2007. Star City comprises in excess of 390,000 sq ft and is home to the UK's largestmultiplex cinema, let to Vue, and Europe's largest casino, let to StanleyCasino. There is also a 24-lane bowling alley and numerous restaurants and bars. PY Gerbeau, Chief Executive of X-Leisure, commented: "Our team has worked hard to transform Star City into a regional leisuredestination with a family focus with footfall now in excess of 4 millionvisitors a year. We are selling Star City in a strong market and the capital,together with the management time, released by the sale will be profitablyreinvested into a range of exciting new projects that will help us maintain theoutperformance of the fund." Notes to editors: About Capital & Regional plc Capital & Regional is the co-investing asset manager which specialises in towncentre shopping centres, out of town retail parks, and urban entertainmentcomplexes. Capital & Regional founded the Mall and Junction Funds in conjunction withMorley Fund Management. It also founded the X-Leisure fund with HermesInvestment Management Limited, and has a number of other joint ventures anddevelopments. Its shares are quoted on the London Stock Exchange. For further information see www.capreg.com About The X-Leisure Fund X-Leisure is the UK's largest leisure fund, with 17 major leisure destinationsaround the UK including Brighton Marina, 02 Centre London and West India Quay,London Docklands. The X-Leisure Fund currently has around £880 million property assets and equityof £440 million. About Hermes Real Estate Hermes Real Estate offers property investment through segregated and pooledvehicles. We operate an integrated portfolio management and research-basedapproach using a philosophy of targeting high quality properties which are welllocated and highly competitive in their local marketplaces. Hermes operates across all the primary markets of retail, office and theindustrial sectors. The investment process uses top down portfolio and bottom upproperty asset models to develop specific investment strategies for clients tomaximise their returns. In each of the major markets Hermes has specialistinvestment managers with specific relevant expertise and market knowledge. Thisapproach ensures that the performance of each portfolio benefits from the inputand market insights from sector specialists not just the central fund manager. Hermes Real Estate is one of the largest real estate managers in the UK, withc. £11 billion of gross assets under management (at 30 September 2006). - ENDS - For further information: Capital & Regional:Martin Barber, Chief Executive Tel: 020 7932 8101 Redwood Consulting:Paul Haines / Debbie Cracknell Tel: 020 7828 5553 REIT Asset ManagementKevin McGrath Tel: 020 7499 2244 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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