Otium launches second leisure fund

London-based Otium Real Estate has launched its Otium Leisure Ventures II fund, a second fund exclusively focused on leisure property investment across the United Kingdom.

The new fund has raised sufficient equity to acquire a further £200 million ($277 million) of leisure assets. The same pool of international investors who backed Fund I at its launch in November 2014 have backed the new vehicle.

The vehicle will target leisure assets that can deliver value-add opportunities, specifically leisure parks and city center leisure sites, along with single assets such as cinemas and health clubs.

The fund has made its first acquisition with the purchase of the Coppins Bridge scheme in the Isle of Wight from Aviva Investors for £12.95 million ($17.9 million). The 73,605-square-foot property comprises the Isle of Wight’s only multiplex cinema and a range of tenants including Cineworld, Pizza Hut, KFC, Office Outlet and Fever Bars.