Xscape Property Unit Trusts

Nigel Weston and Lionel Woodward advised various entities in the Capital & Regional Group on the Jersey law aspects of the sale of the Xscape indoor skiing and leisure facilities at Milton Keynes and Castleford (with a total gross valuation circa. £190 million), including the restructure of loan facilities and security. The units in the Xscape Milton Keynes PUT and Xscape Castleford PUT (the "Xscape Trusts") to X-Leisure Fund IIA (a sub-fund of the X-Leisure Limited Partnership) were sold in consideration for units in the X-Leisure Unit Trust (a Jersey expert fund).

Michaela Hamilton and Andrew Brizell advised X-Leisure and Daniel Birtwistle and Matthew Crill advised the third unitholder of the Xscape Trusts, RBSI Custody Bank Limited and RBSI Trust Company Limited as trustees of Rockspring Hanover Property Unit Trust ("Rockspring").This groundbreaking transaction included the innovative use of a non-index based total return property derivative issued to Rockspring.

February 2007