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Land Securities Group plc Signs Share Purchase Agreements With Capital & Regional plc And AREA Property Partnership (UK) LLP


Tuesday, 4 Dec 2012 03:30am EST 

Land Securities Group plc announced that it has signed share purchase agreements with Capital & Regional plc and AREA Property Partnership (UK) LLP to acquire a further 42% interest in the X-Leisure Unit Trust and 100% interests in X-Leisure Limited (the management company of the fund) and X-Leisure (General Partner) Limited for an estimated total cash consideration of GBP110.6 million. Land Securities currently owns a 12% interest in the X-Leisure Unit Trust. The transaction is subject to: Approval from unit-holders who are not participating in this transaction to the transfer of the management company to Land Securities; and Capital & Regional shareholder approval for the sale of their interests in both the fund and the management company. The total cash consideration represents an estimated price per unit of 34.0 pence compared with the last published valuation as at October 2012 of 37.3 pence. The consideration is subject to closing adjustments and the payment of dividends accruing on the units up to completion. In addition, Land Securities will pay GBP1 million for the acquisition of the property management company. The acquisition of 100% interests in X-Leisure Limited and X-Leisure (General Partner) Limited gives Land Securities day to day control of the assets in the X-Leisure Unit Trust. The portfolio comprises 16 schemes, totalling 3.1 million sq ft of prime leisure and entertainment space. 

Company Quote

1082.0
-14.0 -1.28%
20 Aug 2014