Capital & Regional, the coinvesting property asset manager, is to raise £50m for a fund that owns indoor snow slopes and leisure parks through an open offer to unit holders.

The X-Leisure unit trust, in which Capital & Regional owns a 19.4% stake and is the property asset manager, needs additional equity in order to help prevent a breach of its banking agreements.

The new units are being offered at a price of 10p, a discount of 72.5% to the unit price at 31 March. Fund manager Hermes is also a big investor in the vehicle. Capital & Regional is expected to subscribe for units in the offer.

The fund, which is run by PY Gerbeau, previously chief executive of the Millennium Dome and a former professional ice hockey player, owns Xscape, the leisure centres that boast real snow slopes and extreme activities.

Financial Times, The Times