X-Leisure

"Leisure property as an asset class is demonstrating resilience in the current market. This is underpinned by strong occupational trading levels and very active asset management initiatives which maximise portfolio performance and capitalises on our key industry partnerships. These partnerships give us a vital advantage in current market conditions"
                                                                       PY Gerbeau, Chief Executive, X-Leisure

What is the X-Leisure Fund?

The X-Leisure Fund is the largest UK specialist fund investing in leisure property. It has been built up using the following investment criteria:

  • 50% or more of rental income generated from leisure operators.
  • Either is, or is able to be, anchored by a cinema.
  • Potential to become the major park in the catchment.
  • Active management opportunities or latent performance potential to deliver required performance.


The Fund was created in 2004 through the amalgamation of three leisure funds previously set up and managed by Marylebone Warwick Balfour. Capital & Regional Property Management was appointed Property and Asset Manager and Hermes Investment Management Limited Fund Manager.

 

Top ten largest leisure fund tenants/partners (2007)

  Number 
of units
 
Net income 
%
 
     
Cine UK 12  16.0 
Vue Entertainment Limited 6.9 
Virgin Active (including Holmes Place) 3.7 
Sainsbury's Supermarkets Ltd 3.3 
SNO!zone Limited 2.6 
UCI (including Odeon) 2.5 
City Centre Restaurants (UK) Ltd t/a Frankie and Benny's 16  2.2 
J D Wetherspoon plc 2.1 
Spirit Group Retail Ltd 2.1 
Pizza Hut (UK) Ltd 13  2.0 

 

X-Leisure key statistics

  At 30 December 
2007
 
At 30 December 
2006
 
     
Gross property asset value £947m  £917m 
Number of properties 19  18 
Number of units 365  350 
Initial property yield 5.06%  4.86% 
Equivalent yield 5.78%  5.58% 
C&R share 19.37%  20.0% 
Bank debt £485m  £444m 

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