Lothbury Investment Management, on behalf of the Lothbury Property Trust (LPT), has completed the purchase of 12 Soho Square and 3-5 Soho Street in London’s West End for £22 million from a private Far Eastern investor, reflecting a capital value of £1,400 per sq ft.
The 15,500 sq ft (1,500 sq m) office building comprises a basement, ground floor and five upper floors and is multi-let to a number of media and communications companies, with retail at the ground floor level.
Acquired in an off market deal, the property is close to the Tottenham Court Road’s new Crossrail station as well as a number of Lothbury’s existing holdings in the Soho and Fitzrovia area. The building offers a range of refurbishment or full redevelopment opportunities.
Michael Toft, Senior Fund Manager and Executive Director at Lothbury Investment Management, said: “Demand remains very high for office space around Soho, which, with the arrival of Crossrail, is providing more opportunities for rental income growth. The building itself fits well within our portfolio of assets in and around Fitzrovia and offers us a variety of asset management initiatives to follow, from a rolling refurbishment of individual suites to a complete redevelopment of the site.”
It is expected that 12 Soho Square will form part of Lothbury’s active portfolio of assets in the medium term. Lothbury Property Trust operates a combination of well-managed core assets comprising prime, well located properties secured on strong covenants, across a variety of commercial sectors, and with very low vacancy rates. Their active portfolio, which makes up between 10% and 20% of the Fund and which is managed wholly by their own in-house team, generates additional value through the reconfiguration and refurbishment of existing core assets and the development of new sites.
The acquisition was completed on 13th November 2015. Lothbury received occupational advice from JLL. The vendor was represented by Monmouth Dean.
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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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