X-Leisure, C&R's leisure arm, will manage the properties. Hermes will act as fund manager. The portfolio comprises 19 properties worth a total of £500 million, with an average yield of 6.5%.

X-Leisure chief executive P-Y Gerbeau, says: "We will be actively seeking new product as well as adding value to the existing portfolio where previously our hands have been tied due to potential conflicts and the short-term nature of the three funds."

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