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Land Securities to sell £650m stake in leisure portfolio

Property firm Land Securities, which owns shopping centres Bluewater (Kent), Trinity Leeds and Gunwharf Quays (Portsmouth), is believed to be selling its 95% share of leisure company X-Leisure Unit Trust.

Reports claim it is selling its £650m stake to private equity property investor CIT Partners.

X-Leisure owns two entertainment destination sites – Xscape in Milton Keynes and Xscape Yorkshire. Both feature a number of attractions, such as cinemas, restaurants, indoor ski slopes and golf courses.

The Yorkshire site is also home to retailers including Ellis Brigham, Trespass and Sweatshop, while Milton Keynes features O’Neil, Roxy and Quiksilver.

Land Securities upped its share in X-Leisure Unit Trust from 35.6% to 95% in 2013 for a rumoured £104m.

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