Lothbury sells Milton Keynes asset to Fairmont Properties for £4.5million

Sept. 30, 2015 - PRLog -- 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.

Lothbury Investment Management Limited (LIM) is an independent UK real estate investment manager with £1.76 billion assets under management.