Lothbury Investment Management, on behalf of the Lothbury Property Trust (LPT), has disposed of its industrial asset at 3 – 7 Delaware Drive, Tongwell, Milton Keynes to Fairmont Properties for £4.5m.
The property has been in the LPT portfolio since it was launched in 2000 and was recently vacated by long standing tenants, Coca-Cola and Fujitsu.
The building comprises c. 95,000 sq ft of industrial space over three units.
Michael Toft, Senior Fund Manager and Executive Director at Lothbury Investment Management, said: “There was considerable interest in the asset. After two rounds of competitive bidding, the Fund has realised returns ahead of our redevelopment appraisals.”
Fairmont Properties is a special purpose vehicle for automotive supply chain logistics and warehousing services company, MotorSense Ltd, who will occupy the building.
Lothbury Investment Management was advised by Louch Shacklock and Cushman & Wakefield. Fairmont was advised by Aitcheson Rafferty.
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