Land Securities to sell £650m portfolio
Land Securities has plans to sell a £650 million ($820 million) portfolio of cinemas, restaurants and indoor ski slopes to CIT Partners, reported media outlets.
The sale will include a 95 percent share of the X-Leisure unit trust, which owns 15 leisure schemes, including Brighton Marina, Xscape in Milton Keynes and Castleford, and the bars and restaurants around Oxford Castle.
The sale is part of Land Securities’ plans to refocus on the London office space market. Currently, London office space makes up more than half of Land Securities’ £11.7 billion ($14.8 billion) property portfolio.
CIT Partners is a private equity real estate group focused on investments in London. The firm has more than £2 billion ($2.5 billion) in assets under management.