"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
The X-Leisure Fund is the largest UK specialist fund investing in leisure property. It has been built up using the following investment criteria:
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.
| Number of units |
Net income % | |
| Cine UK | 12 | 16.0 |
| Vue Entertainment Limited | 4 | 6.9 |
| Virgin Active (including Holmes Place) | 5 | 3.7 |
| Sainsbury's Supermarkets Ltd | 1 | 3.3 |
| SNO!zone Limited | 2 | 2.6 |
| UCI (including Odeon) | 2 | 2.5 |
| City Centre Restaurants (UK) Ltd t/a Frankie and Benny's | 16 | 2.2 |
| J D Wetherspoon plc | 8 | 2.1 |
| Spirit Group Retail Ltd | 5 | 2.1 |
| Pizza Hut (UK) Ltd | 13 | 2.0 |
| 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 |