Historic Chester Retail Unit Added to Lothbury Portfolio

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Lothbury Investment Management, acting on behalf of Lothbury Property Trust, has purchased the freehold of the prime retail unit at 21 -23 Eastgate Street, Chester off-market from a private vendor for £3.461m.

Eastgate Street Chester

“This was an excellent off-market acquisition. 21 – 23 Eastgate Street is a property in a prime location in an area with high tenant demand in one of the country’s top retail and tourist destinations.

The Grade II listed property is located in the city’s historic and very popular Chester Rows area and includes 2,500 sq ft of retail space on the ground floor let to contemporary British fashion retailer Hobbs. The unit is held on a ten year lease with 8.5 years unexpired.

Lothbury’s assistant fund manager, Ed Hockley, said: “This was an excellent off-market acquisition. 21 – 23 Eastgate Street is a property in a prime location in an area with high tenant demand in one of the country’s top retail and tourist destinations. We are confident it will yield a good income return and provide capital appreciation.

This purchase sits in line with our strategy to secure high quality, prime assets that will deliver performance to our investors over the long term.”

Lothbury Property Trust delivers an innovative investment solution through a joint 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.

Tudor Toone acted for Lothbury Investment Management and Christopher Dee acted for the vendor.

ENDS

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 since the launch of the new business from £810 million to £1.020 billion assets under management as at Q4 2012

·     The LIM Senior Fund Management team has worked together for the last 12 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, 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 31 December 2012 LPT holds £735.6 m of 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 Q4 2012 the Fund recorded a quarter outperformance of 0.70% against the IPD Pooled Property Fund Indices, All Balanced Property Funds Index Benchmark of 0.40%; the Fund is outperforming over Q4, 1, 3, 5 and 10-year periods

·     More information on LIM and LPT can be found at http://www.lothburyim.com.

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Peter Treglown
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