Otium Real Estate has bought the 109,000 sq ft Theatre District leisure scheme in Milton Keynes, Buckinghamshire, from UGS MK for £16.7m.
There are a number of empty units and it will be refurbished and re-let. When fully let, it will yield 8%.
It is the first in-town leisure acquisition by Otium, which has previously invested in out-of-town schemes such as Newport Leisure Park in south Wales and Westgate Leisure Park in Wakefield, West Yorkshire.
The Theatre District has 16 units on a 3.3-acre city centre site. Patrick Punch & Co acted for Otium. UGS MK was unrepresented.
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