New £200m Leisure Fund Completes First Three Transactions

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New £200m Leisure Fund Completes First Three Transactions

Otium Real Estate (client) has completed its first three
transactions from its £200 million fund – Otium Leisure Ventures. Following
a successful equity/fund raise in December last year, the acquisition of first three assets totaling over £30 million, marks one year after Otium Real Estate entered the leisure real estate market. Otium Real Estate, led by founder and CEO Ashley Blake, is a property investment company focused exclusively on commercial leisure real estate.

The Otium Leisure Ventures fund invests in leisure assets such as leisure parks, city centre leisure blocks and stand-alone assets including cinemas, restaurants, health clubs and bowling alleys. It targets leisure assets where value can be added through active asset management.

The transactions include Nuffield Health and Fitness in Cannock for £4m, the Westgate Leisure Park in Wakefield for £12m and most recently the Newport Leisure Park at £14m. The Westgate Leisure Park and the Newport Leisure Park house a selection of popular leisure brands such as Cineworld, Nando’s, McDonalds, Harvester, Frankie & Benny’s, Pizza Hut and Mecca. Other deals are in the pipeline.

Otium has been backed by a consortium of international institutional investors.

Following the launch of the first fund, Ashley Blake, CEO of Otium Real
Estate, said: “We are delighted to have successfully acquired these three assets within 7 months of our fund launch and achieved the creation of our first fund. The leisure market is in great shape, with acquisition opportunities for those with specialist sector knowledge. Strong occupational demand and increasing consumer confidence are boosting leisure spending, making it an outperforming sector for property investment. ”

Otium is actively seeking new acquisitions for the fund. DTZ represented Otium on Cannock and Newport and Knight Frank on Wakefield.

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