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Lothbury Disposes of Central London Office Building
Lothbury Investment Management, on behalf of Lothbury Property Trust has disposed of its 28,385 sq ft office holding at 52 Bedford Row, London WC1 to a private overseas investor for £28.2m.
52 Bedford Row is let to law firm Wedlake Bell LLP with a lease expiry in December 2018. Wedlake Bell has recently vacated the building and moved into new premises.
Michael Toft, Senior Fund Manager and Executive Director of Lothbury Investment Management, said: "This has been a strong performing asset in a prime location but we are very pleased to have completed this sale. It reduces our central London weighting and has enabled us to crystallise a profit to valuation without taking the development and void risk."
Cushman and Wakefield acted for Lothbury; Michael Elliot acted for the purchaser.
Notes for editors
· Lothbury Investment Management Limited (LIM) is an independent UK real estate investment manager with £1.80 billion assets under management, as at Q3 2016.
· The LIM Senior Fund Management team has worked together for almost 20 years and has a track record of delivering outperformance for investors.
· Lothbury Property Trust (LPT) is the flagship fund for LIM, providing investors with access to the UK property market. In addition, LIM manages the Clarendon Unit Trust and the Secure Income Portfolio.
· Lothbury Property Trust holds £1.51 billion assets under management and is a balanced property unit trust providing exposure to the UK office, retail, industrial and 'other' 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.
· The Lothbury Property Trust has achieved a GRESB "Green Star" status.
· More information on LIM and LPT can be found at www.lothburyim.com.