We are pleased that Michael Kors have taken the lease on 28 James Street. The Covent Garden units are one of the key assets in our portfolio and there was considerable competition for the lease, attracting a shortlist of four retailers.
London, UK (PRWEB UK) 9 October 2012
Lothbury holds 25 – 31 James Street under management. Strong retailer demand has been reflected in a record Zone A rent of £733 per sq ft.
Mike Toft, senior fund manager and director of Lothbury Investment Management, said: “We are pleased that Michael Kors have taken the lease on 28 James Street. The Covent Garden units are one of the key assets in our portfolio and there was considerable competition for the lease, attracting a shortlist of four retailers. Michael Kors is a perfect fit for this address and is in line with our policy of attracting high quality names to the prestigious properties in the Lothbury portfolio.”
28 James Street comprises 2523 sq ft (ITZA of 559 sq ft) and Michael Kors has taken a ten year lease on the property with no break options. The building is currently undergoing fit out, with an expected opening around Christmas.
Lothbury Property Trust’s holding at 25-31 James Street comprises a number of retail and office units valued at c. £58.3 million, which equates to 8% of the fund’s total property holdings and was Lothbury’s largest weighted contributor to total return for 2011. This asset comprises Lothbury’s flagship retail holding and occupies a prime position on one of London’s busiest retail thoroughfares. The units have 100% occupancy and the current retail tenants include The Body Shop, Dune, Fossil, Swarovski and True Religion Jeans. Throughout their ownership, the Lothbury Fund Management team has actively targeted these assets to realise premium rental levels.
Cushmore Wakefield acted for Lothbury on 28 James Street, while CBRE acted for Michael Kors.
Notes for editors
· Lothbury Investment Management Limited (LIM) is an independent investment manager of property unit trusts
· LIM was formed on 1st June 2010 following a management buy out (MBO) of the KBC Asset Management (UK) Limited business
· The MBO was led by Chief Executive, Simon Radford in conjunction with his four-strong management team
· LIM has already grown from £810 million to £1.026 billion assets under management as at Q2 2012
· The LIM Senior Fund Management team has worked together for the last 10 years and were previously responsible for the management of unlisted property funds at Gartmore Asset Management before joining the KBC Group in 2004
· LIM has two core funds, Lothbury Property Trust and The European Property Fund, providing investors with access to the UK and European property markets, as well as The Clarendon Unit Trust, The Secure Income Portfolio and one multimanager mandate for property funds
· Lothbury Property Trust (LPT), the flagship fund is a balanced property unit trust providing exposure to the office, retail and industrial sectors and is geographically spread across the UK. The Fund delivers an innovative investment solution through a core/active strategy that comprises a predominantly core portfolio of prime assets to achieve stability of return combined with active management initiatives to create additional value and an enhanced return for the investor
· As at 30 June 2012 LPT holds £735 m assets under management. It is an open-ended, ungeared fund that remains open to investment and has met all subscription and redemption requests without suspension or delay
· LPT has continued to outperform during 2012 and as at Q2 2012 the Fund recorded a quarter outperformance 0.9% against the IPD Pooled Property Fund Indices, All Balanced Property Funds Index Benchmark of 0.3%; the Fund is outperforming over Q2, 1, 3, 5 and 10-year periods
More information on LIM and LPT can be found at http://www.lothburyim.com.