Clear Leisure acquires Hospitality and Leisure Fund

Leisure investor Clear Leisure has acquired an Italian real estate fund, owner of four holiday resort hotels, in anticipation of a recovery in the region in the next two years. Clear Leisure, formerly named Brainspark, said it bought a 100% interest in the Hospitality & Leisure Fund for an unspecified amount, using current internal resources so it would not need to issue any new shares. It added that it will not be responsible for outstanding debts."Due to the collapse of the Italian real estate market over the past few years, there is no evidence that in June 2016, when the fund reaches maturity, the NAV is expected to be positive," a statement from the AIM-listed outfit said. "However, it is the company's belief that the next two years will see a recovery in this sector, as well as in the tourism and hotel industries, therefore this new 100% investment could represent a potentially high yielding investment in the medium-term."The fund is regulated and will continue to be managed by Prelios SGR, which is listed on the Milan stock exchange, and controls over 2bn euros in real estate assets under management.The hotels managed by the group comprise 73,700 square metres, with a total of 3,250 beds, three of the hotel resorts are currently managed by Valtur, one of the largest Italian tour operators. As of 14:57, shares in Clear Leisure were unchanged at 1.75p.WS