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Landsec nearing sale of £650M leisure assets

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Landsec nearing sale of £650M leisure assets

U.K. real estate investment trust Landsec reportedly agreed to sell its 95% stake in X-Leisure unit trust to private equity investor CIT for £650 million, according to The Sunday Times.

The trust owns a portfolio of 15 leisure projects such as Brighton Marina, Xscape Milton Keynes, Xscape Castleford, and bars and restaurants around Oxford Castle.

The sale is part of Landsec's plan to build a war chest for deals in London's property market. London offices make up almost half of the British REIT's £11.7 billion portfolio, the newspaper reported.