X-LEISURE

For the second year running the X-Leisure Fund is the top performer within the IPD Pooled Property Fund Index. Over the 12 months to 31 December 2011 the Fund returned 20% to investors (2010 46%). This strong performance follows an asset management intensive year across the 16 leisure parks, activity included completing 50 rent reviews over the year, adding £0.5m of income, and 26 new lettings, adding a further £1.5m of income to the fund.

Notable new lettings include a 25,000 sq ft letting to Grosvenor Casinos at Parrswood, Manchester; and the leasing of 18,000 sq ft to, the new leisure concept, Flow House at Xscape, Yorkshire. The Fund has capitalised on the resilience and continued trading strength of the family/casual dining sector and secured new  lettings over the 12 months across the sector including to operators TGI Friday’s, Nando’s, Chiquito, Bella Italia, Pizza Express, ASK, Burger King and Harvester, maintaining occupancy and increasing rental values across the portfolio.

PY Gerbeau, CEO of X-Leisure said “This is great news for the leisure sector and reinforces “The Case for Leisure” published by X-Leisure in 2010. Family leisure continues to offer good value and consumers continue to support it resulting in sustainability and resilience, clearly demonstrated by activity across our portfolio and the returns for our investors. The outlook is positive for 2012 with a strong pipeline of cinema releases to anchor the leisure parks and operator trading levels.“