Our Portfolio
X-Leisure
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 |
| Initial yield | 6.32% | 6.59% |
| 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% |
| C&R share | 11.93% | 11.93% |