27 December 2012
Clifford Chance advises Land Securities on its agreement with Capital & Regional and AREA to acquire interests in the X-Leisure Fund
Leading international law firm Clifford Chance is advising Land Securities on the share purchase agreements it has signed with Capital & Regional and AREA to acquire a further 42% interest in the X-Leisure Fund and 100% of X-Leisure Limited, the fund and property manager, and X-Leisure (General Partner) Limited, the general partner. The transaction has an estimated cash consideration of £110.6m.
X-Leisure is a leisure brand company with 16 entertainment and leisure destinations strategically located around the UK. Land Securities currently owns a 12% interest in the X-Leisure Fund.
The Clifford Chance team was led by Corporate partner Spencer Baylin with support from associate Ross Dawson. Nigel Hatfield, head of the firm's Private Funds Group advised on funds with support from senior associate Lee Sheldon and associates Sophie Cowhig and Alan Skerritt. Finance Partner, Simon Crown provided regulatory advice with support from associate Gillian Dunn.