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: +44 (0)20 7024 5460 T: +44 (0)20 7024 5185
Donal.mccabe@landsecurities.com Edward.thacker@landsecurities.com
This information is provided by RNS