Area Property Partners, the asset manager founded by William Mack, has acquired a 30% stake in U.K. real estate fund, X- Leisure, Bloomberg reports. 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 its Area European Real Estate Fund III. X-Leisure’s properties are managed by a venture of Hermes and Capital & Regional under a team led by Pierre-Yves Gerbeau, former head of the U.K.’s Millennium Dome. X-Leisure owns buildings worth £528 million.
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