The X-Leisure fund is the largest specialist fund investing in UK leisure property, owning 16 properties throughout the UK with a total lettable space of 3 million square feet.
The key characteristics of the leisure properties are:
- Dominant in local catchment area
- Anchored by a cinema
- 50% or more of rental income generated from leisure operators
X-Leisure Limited, which is a 50:50 joint venture with AREA, carries out the asset and non-FSA regulated fund management activities for the X-Leisure fund. AREA acts as Operator and is responsible for FSA regulated fund management activities. Investors in the X-Leisure fund hold units in a Jersey Property Unit Trust (JPUT) which allows exposure to a diversified portfolio of properties without direct investment and the ability to transfer units without incurring Stamp Duty Land Tax.
X-leisure key statistics
|At 30 September 2012||At 30 December 2011|
|Number of properties||16||16|
|Property value at independant valuation||£581m||£565m|
|Passing rent (like for like)||£40.5m||£40.8m|
|Property level return||7.34%||14.1%|
|Occupancy (like for like)||96%||96.1%|
|Loan to value ratio||52%||53%|
|Net debt to value ratio||48%||49%|