Capital & Regional said on Friday that it is in advanced talks to sell its 11.9% interest in the X-Leisure Fund and its 50% stake in the fund's management firm, X-Leisure Limited.
Capital & Regional said on Friday that it is in advanced talks to sell its 11.9% interest in the X-Leisure Fund and its 50% stake in the fund's management firm, X-Leisure Limited.
'Should an offer for the X-Leisure Fund units be forthcoming, the transaction would be subject to the approval of unit holders', the UK property company said, adding that due to the size of the potential disposal, it would be required to seek shareholder approval.
Capital & Regional owns stakes in a number of retail funds, including The Mall fund, which it holds in conjunction with Aviva Investors. In Germany, Capital & Regional is the joint venture partner of Area Property Partners in a German retail property portfolio which is managed by Garigal Asset Management, in which Capital & Regional holds a 30% interest.
The company recently sold its 13.4% stake in the Junction Fund to UK REIT Hammerson for £34.85 mln. The Junction Fund is a specialist retail park fund, owning four retail parks i teh UK with extra development potential and two separate development sites. The main assets are Thurrock Shopping Park, Lakeside; Forge Shopping Park, Telford; Imperial Retail Park, Bristol and Abbotsinch Retail Park, Glasgow.
