X-Leisure has put its mixed-use O2 leisure development on Finchley Road, London, up for sale with a value of £110m – a 6.8 per cent yield.

The 25,000 sq ft 02 Centre is anchored by an eight-screen Vue cinema and includes an Esporta health and fitness club and 10 bars and restaurants. A spokesperson for the company said: "The sale is driven by the need of some investors to reduce their exposure to indirect property."

Jones Lang LaSalle is managing the sale on behalf of the X-Leisure Fund, run by CEO PY Gerbeau. The company operates 22 leisure parks including three Xscape destinations which combine an indoor ski slope with climbing walls, adventure golf, cinemas, restaurants and shops. The company's 185,000 sq ft Fiveways Centre in Birmingham is yet to be sold, having been on the market since April. The complex features a Grosvenor Casino, a 12-screen UGC cinema, The Works nightclub and six bars and restaurants.

X-Leisure saw the value of its property portfolio fall by around eight per cent in the seven months to July. In March 2007 the fund was valued at £925.5m, but its interim results showed it has dropped to £881.8m