Land Securities now owns a majority stake in X-Leisure Unit Trust, the company behind Xscape and SNO!zone entertainment centres in the UK.

The company has completed the purchase of a 42 per cent interest in the X-Leisure Unit Trust and 100 per cent interest in X-Leisure Ltd (the management company of the fund) and X-Leisure (general partner) for £111.9m.

Executive director at Land Securities, Richard Akers, says: “Leisure is increasingly being treated as an essential element of the UK consumers’ habits and as we enhance our shopping centres by broadening their leisure offer, today’s deal gives us unparalleled reach with the major operators.

“We have been clear that we would look to increase the proportion of leisure in our business and today’s announcement is further evidence of our plan to align our retail portfolio with the modern demands of the consumer.”

With the transfer of the management company, XLL CEO, PY Gerbeau, has decided to leave the business to take up new challenges. “This has been a very amicable transaction and I am extremely happy to have such a significant player taking X-Leisure forward and bringing additional credibility and gravitas to the industry, which I have promoted so hard for the past 20 years,” he says.