Ex-Dome boss PY eyes share float

CONTROVERSIAL former Millennium Dome boss PY Gerbeau is looking to take his latest leisure venture public. The X-Leisure sports centres-to-property business, which he says is worth 'hundreds of millions', could soon be looking at a listing.

'A door will open this autumn when the pre-Budget report should ease the way,' says Gerbeau. 'The Government has been discussing new rules on Real Estate Investment Funds and property funds and their status. A float involving me is a very firm possibility.'

However, he warns that 'all balls are in the air at the moment'.

Gerbeau is chief executive of X-Leisure Fund, which was launched in March and is currently a Jersey-based unit trust.

He is also on the board of its major shareholder, retail and leisure property company Capital & Regional.

It owns the Xscape centres at Milton Keynes, Bucks and Castleford, West Yorkshire, and has just started to build a centre at Braehead, Glasgow. The whole business has assets of £581m.

It has recently invested £65m in Brighton Marina and is planning to put money into shopping centres.

The Milton Keynes and Castleford complexes were originally built by Xscape and Gerbeau joined when a rescue act was needed.

'I fix brands for a living. Anything that is interesting and in trouble, I like to try to turn around,' he said.

Capital & Regional, unveiling half-year results recently, said: 'We are hopeful the Government will announce in November that it will introduce a tax-transparent vehicle for property.

'If the right vehicle is made available, it should offer significant benefits not just to the property industry but also to occupiers, whose efficiency should ultimately be increased by lower costs and greater flexibility. Capital & Regional, with its strong sectoral focus and experience in US Real Estate Investment Trusts (Reits) is well positioned to be a leader in the new market.'

Gerbeau will this week chair a debate on corporate governance, alongside Conservative peer Lord Hanson and Laura Tyson, former economic adviser to President Clinton.

'As chair, I will have to sit on the fence, which is quite difficult for me,' he said.