Bowling for dollars?
A new fund investing in U.K. entertainment facilities hopes to raise 125 million ($194 million) to bet on strong growth prospects in the industry.
General partners in the MWB Leisure Fund say entertainment centers are growing rapidly and commanding strong demand from tenants.
Maryleborne Warwick Balfour Group PLC is the architect and manager of the MWB Leisure Fund, while Bankers Trust Co. and JLW Finance Ltd. are raising assets from investors, mostly British institutions.
MWB, Rodamco UK and Bankers Trust will serve as general partners, subscribing the equivalent of a minimum of 5 million each. All told, the three general partners are providing 18.5 million of the fund's 50 million in equity capital.
The fund plans to acquire MWB's 200,000 square-foot Tower Park Leisure Complex in Poole, England, while a subsidiary of Rodamco UK will contribute the 150,000-square-foot Stack Leisure Park in Dundee, Scotland. The fund also will make a forward commitment to buy MWB's Lockmeadow Leisure Park, a 150,000-square-foot development to be built in Maidenstone, England.
These facilities include multiplex cinemas, nightclubs, family entertainment centers, bowling and restaurants. MWB will manage and advise the fund, taking an aggressive approach to improving investment performance of individual parks.
The fund, which is geared toward tax-exempt funds, will have a finite life of five years starting March 31. Officials said the fund offers an opportunity to invest in a diversified portfolio in a strongly performing sector.