X-Leisure Fund, the largest owner of leisure real estate in the UK, has exchanged contracts to sell Star City in Birmingham to REIT Asset Management for £85.5m. The deal is set to be completed 18 January 2007. Star City comprises in excess of 390,000 sq ft and is home to the UK’s largest multiplex cinema, operated by Vue, and Europe’s largest casino, let to Stanley Casino. It also houses a 24-lane bowling alley and several restaurants and bars. PY Gerbeau, chief executive of X-Leisure, said: “Our team has worked hard to transform Star City into a regional leisure destination with a family focus with footfall now in excess of four million visitors a year. “We are selling Star City in a strong market and the capital, together with the management time, released by the sale will be profitably reinvested into a range of exciting new projects that will help us maintain the outperformance of the fund.”