Capital & Regional plc, the co-investing property asset manager, has announced that the X-Leisure Fund, the largest owner of leisure real estate in the UK, has exchanged contracts unconditionally to sell Star City in Birmingham to REIT Asset Management for approximately €120 million (£85.5 million). Completion is set for 18 January 2007.
Star City comprises in excess of 390,000 ft² and is home to the UK's largest multiplex cinema, let to Vue, and Europe's largest casino, let to Stanley Casino. There is also a 24-lane bowling alley and numerous restaurants and bars.
PY Gerbeau, Chief Executive of X-Leisure, commented: "Our team has worked hard to transform Star City into a regional leisure destination with a family focus with footfall now in excess of 4 million visitors a year. We are selling Star City in a strong market and the capital, together with the management time, released by the sale will be profitably reinvested into a range of exciting new projects that will help us maintain the outperformance of the fund."
Source: Capital & Regional