Lothbury Property Trust has sold its long-term holding at 115 High Street, Guildford to Threadneedle UK PAIF for €6.7m (£6m). The sale is in line with the company’s aim to reduce fund’s exposure to high street retail. The sale price reflects a net initial yield of 4.45%.
115 High Street, Guildford, which is in the heart of Guildford’s historic main shopping area, was purchased by Lothbury Property Trust in August 2010 and is let to LK Bennet until February 2026, with a tenant’s break clause in February 2021. The letting to LK Bennet in March 2016 set one of the highest ever rents on Guildford High Street.
Mike Toft, Senior Fund Manager and Executive Director of Lothbury Investment Management, said: “The sale of this holding demonstrates the liquidity of the fund’s prime retail assets. Our decision to dispose of this asset reflects our current strategy of reducing the fund’s exposure to retail.”