Capital & Regional said it has received a proposal to buy its 50 per cent stake in X-Leisure Ltd.
Discussions are at an advanced stage, it added.
The developer behind Leeds’ Trinity shopping centre, the one million sq ft scheme due to open in the spring, is said to be in talks to acquire a majority stake in X-Leisure. It has previously expressed interest in boosting its stake.
Land Securities spent £30.5m on acquiring a 12 per cent interest in the X-Leisure Fund from a number of institutional investors earlier this year. X-Leisure owns schemes across the UK, including Xscape in Milton Keynes and Brighton Marina.
Earlier this year it said: “The assets are of interest to us and we will now have a seat at the table as the fund approaches a vote on its extension.”
Capital & Regional said: “Should an offer for the X-Leisure Fund units be forthcoming, the transaction would be subject to the approval of unit holders,” “In addition, due to the size of the potential disposal, the company would be required to seek shareholder approval.”