Lothbury Investment Management Limited, on behalf of Lothbury Property Trust, has sold its retail holding at 230 High Street, Exeter to a private pension scheme for £2.2m, representing a yield of 11.41%.
The 9,224 sq ft four-storey unit, located in the heart of Exeter’s main shopping district, has been in the Lothbury portfolio since 2014 and is currently let to The White Company, with under two years remaining on the lease. It generates a rent of £270,000.
Jamie Gordon, asset manager at Lothbury Investment Management, said: “This unit is in an excellent location and, while it has performed strongly for the Fund, its sale is part of the Fund’s wider strategy to divest itself of selected retail assets to concentrate investments on alternative sectors across the country.”
HRH Retail advised Lothbury. The purchaser was represented by KLM Real Estate.
This is the website of Lothbury Investment Management Limited of 1 Angel Lane, London, EC4R 3AB, United Kingdom, a company registered in England with registered number 04185370. Lothbury Investment Management Limited (or “LIM”) is authorised and regulated by the Financial Conduct Authority in the United Kingdom.
Lothbury Investment Management Limited is the manager of the Lothbury Property Trust ("LPT") and the Lothbury Global Feeder LP ("LGF") (together, the “Funds”). LPT is a sub-fund of the Lothbury Global Institutional Funds, which is regulated by the Central Bank of Ireland. LGF was established as a limited partnership in Jersey under the Limited Partnerships (Jersey) Law 1994 through the filing of a declaration of limited partnership. The Funds are alternative investment funds (“AIFs”) for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”). LIM has been appointed and acts as alternative investment fund manager (“AIFM”) in respect of the AIFs. For these purposes, LIM is authorised and regulated in the United Kingdom by the Financial Conduct Authority for the purposes of managing unauthorised AIFs (and for various other activities). The Funds are also unregulated collective investment schemes for the purposes of the United Kingdom Financial Services and Markets Act 2000 (the “Act”).
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