Capital & Regional, the co-investing property asset manager, has said that its X-Leisure Fund has agreed to sell the 02 Centre in Finchley Road, London to property company Matterhorn Capital for £92.5 mln (almost 103 mln). Capital & Regional holds a 19.4% stake in the fund and is the property asset manager.
Capital & Regional, the co-investing property asset manager, has said that its X-Leisure Fund has agreed to sell the 02 Centre in Finchley Road, London to property company Matterhorn Capital for £92.5 mln (almost 103 mln). Capital & Regional holds a 19.4% stake in the fund and is the property asset manager.
The transaction volume represents a net initial yield of 7.83%. Completion of the deal is expected by the end of March. 02 is a modern urban entertainment centre containing a multiplex cinema, health club, a mix of bars and restaurants and retail.
Hugh Scott-Barrett, CEO of Capital & Regional said: 'The disposal of 02 is part of a broader strategy to strengthen the financial base of the X-Leisure Fund, the UK's largest specialist fund investing in leisure property.'
