News - Midlands
Fiveways sold in £27m deal
Entertainment venue provider X-Leisure has sold its Fiveways leisure scheme in Birmingham to the Lewis Trust Group. The London-based group, which owns fashion chain River Island, bought the site for £27m.
The purchase price reflects an initial yield of 9 per cent.
The Broad Street complex totals 185,000 sq ft and comprises a nightclub, a 12-screen cinema let to Cineworld and 750 parking spaces.
London-based X-Leisure said it sold the Fiveways site as part of its strategy to concentrate on its core holdings of out-of-town, family-friendly leisure schemes.
King Sturge advised X-Leisure on the sale, and Cortex Partners represented Lewis Trust.