Cap&Reg secures support for X-Leisure fund

(Reuters) - Property fund manager Capital & Regional (CAL.L) said on Monday its X-Leisure fund secured unitholder support for its open offer and that it expects the offer to be fully subscribed at 50 million pounds.

Investor interest has been strong and subscriptions have been received from existing as well as new investors, the company added.

However, the company, which holds a 19.4 percent stake in the fund, said completion of the offer, expected at the end of July, remained subject to certain conditions including the negotiation of revised banking covenants with the fund's banks.

These negotiations were "well progressed," Capital & Regional said in a statement.

On May 26, Capital & Regional said the X-Leisure fund planned to raise 50 million pounds by offering new units at 10 pence apiece to existing unitholders to strengthen its financial position.

($1=.6072 Pound)

(Reporting by Ramkumar in Bangalore; Editing by Aradhana Aravindan)