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Area Buys £65M Property Fund Stake

Area Property Partners, the asset manager founded by William Mack, has acquired a 30% stake in U.K. real estate fund, X- Leisure.

    Area Property Partners, the asset manager founded byWilliam Mack, has acquired a 30% stake in U.K. real estate fund,X- Leisure,Bloombergreports. Area paid £65 million to U.K.’s largest pension fund,BT Pension Scheme, for the X-Leisure stake.

    The firm bought the stake through itsArea European Real Estate Fund III. X-Leisure’s properties are managed by a venture ofHermesandCapital & Regionalunder a team led byPierre-Yves Gerbeau, former head of the U.K.’sMillennium Dome. X-Leisure owns buildings worth £528 million.

    Click here for the story fromBloomberg.



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