X-Leisure planning new property fund
By Caroline Wilkinson
PY Gerbeau, the chief executive of X-Leisure, is planning to start a fund to purchase leisure assets suffering by the downturn of the economy, according to The Times newspaper.
Gerbeau, who manages the X-Leisure fund which is for investment in leisure property – is consulting with partners Hermes Investment Management and Capital & Regional Property Management on this separate fund.
He told The Times : "We're not seeing forced sellers yet, but when we do I know what to buy and where to look. Ideally, we will begin buying soon, sit on the assets, sweat them a bit, then recycle the capital very quickly."
The move comes as 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 in the latest interim results it has dropped to £881.8m
X-Leisure operates 22 leisure parks including three Xscape destinations which combine an indoor ski slope with climbing walls, adventure golf, cinemas, restaurants and shops.
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PY Gerbeau, the chief executive of X-Leisure, is planning to start a fund to purchase leisure assets suffering by the downturn of the economy, according to The Times newspaper.
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