The MWB Leisure Fund has made its first sale with the disposal of the Teesside Leisure Park.

The fund, of which MWB has a 13.3 per interest, has exchanged contracts to sell phase II of the purpose built park to Fordgate in a cash deal worth £17m. Phase II has been owned by the fund since 1997 and comprises a casino, bingo hall, nightclub, bar and restaurant. Operators include First Leisure, Gala and Enterprise Inns.

'After five years of excellent growth we felt this was an appropriate time for to sell its investment in the Teeside Leisure Park,' says John Harrison, MWB's director responsible for the fund. 'Since acquisition Teesside has generated total annual returns on equity of over 15 per cent.' Details: +44 (0)20 7706 2121