X-Leisure

The X-Leisure fund is the largest specialist fund investing in UK leisure property, owning 16 properties throughout the UK and as at 30 June 2011 had a total floor space of 3.1 million square feet.

C&R holds 11.9%  of the Fund. X-Leisure Limited, in which the group holds a 50% stake, carries out the asset and non-FSA regulated fund management activities for the X-Leisure fund. Hermes acts as Operator, responsible for FSA regulated fund management activities.

Investors 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.

The fund's investment criteria are as follows:

• 50% or more of rental income generated from leisure operators.
• Either is, or is able to be, anchored by a cinema.
• Either is the dominant scheme in a local catchment area or has the ability to become so.
• Asset management opportunities or latent potential to deliver required performance.