A new build 196-bed student accommodation in Aberdeen has been completed, creating a new asset valued at over £14m for Lothbury Property Trust (LPT).
The Lothbury Investment Management team, on behalf of LPT, agreed to forward fund this opportunity in June 2015. Main contractor for the project was Kier Construction Scotland.
The property is situated at Powis Place close to the city centre, where there is a high demand for student accommodation, and the scheme has experienced a good uptake of rooms.
The development comprises a series of two- to nine-bedroom cluster flats and studios, and benefits from onsite management facilities, modern amenities and cycle spaces to encourage less car usage. Homes for Students manage the site on behalf of Lothbury Property Trust.
Simon Radford, chief executive of Lothbury Investment Management, said “This excellent new development is one of a number of student accommodation schemes we are investing in. It is part of the strategy we put in place last year to increase weighting in the ‘Other’ sector and diversify our portfolios. The Fund’s exposure to this sector has increased from 1% to just under 7% during the 18 months ending 30th September 2016. It has also contributed to a reduction in the active holding, broadly in line with the cycle of the property market, as our ongoing active projects come to completion.”
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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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