What is the X-Leisure Fund?

The X-Leisure Fund is the largest specialist fund investing in UK leisure property, owning 18 properties throughout the UK and as at 30 December 2008 had a total floor space of 3.7 million sq feet.  Capital & Regional currently holds 19.4% of the fund and acts as Property and Asset Manager.  Hermes Investment Management acts as Fund Manager.

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.
• Has asset management opportunities or has latent potential to deliver required performance.