Capital & Regional has said that its X-Leisure fund has exchanged contracts unconditionally to sell Star City in Birmingham to REIT Asset Management for £85.5 mln (about EUR 127 mln). Completion of the transaction is set for January 18, 2007.
Capital & Regional has said that its X-Leisure fund has exchanged contracts unconditionally to sell Star City in Birmingham to REIT Asset Management for £85.5 mln (about EUR 127 mln). Completion of the transaction is set for January 18, 2007.
Star City comprises more than 118,000 m2 of space and is home to both the UK's largest multiplex cinema and Europe's largest casino, which is let to Stanley casino. There is also a 24-lane bowling alley and numerous restaurants and bars in the centre.
Capital & Regional is a the co-investing property asset manager that specialises in town centre shopping centres. It founded X-Leisure and number of other joint ventures with Hermes Real Estate, one of the largest real estate mangers in the UK, with about £11 bn (EUR 16.3 bn) of gross assets under management.
London-based REIT Asset Management manages an International Portfolio with a value in excess of EUR 5 bn spread over three continents.
