Lothbury Investment Management, on behalf of Lothbury Property Trust (LPT), has disposed of its high specification distribution facility at Manor Park, Runcorn to Exeter Property Group, in partnership with GIC, for €13.6m (£11.5m).
The facility is let to Fresenius Kabi, the German pharmaceuticals manufacturer and distributor, for a further six years. The deal represented a yield of 6.75%. Developed in 2006, the property comprises a modern distribution warehouse with ancillary office accommodation located a short distance from junction 11 of the M56.
Exchange took place just before the EU referendum, with completion taking place just after. Mike Toft, Senior Fund Manager at Lothbury Investment Management, said: “This deal represents a very good result indeed for Lothbury Property Trust and demonstrates liquidity in the face of the current political and economic climate. It reflects the quality of this asset and the perceived risk profile from the buyer’s viewpoint.”
The purchase represents Exeter’s second significant investment in the North West following their speculative funding of 109,026m² (357,700ft²) at Logistics North, which is currently on site.
Paul Rubincam, Managing Principal at Exeter Property Group, said: “This purchase is in line with our strategy to invest in high quality assets in the core logistics market.”
Zaman Roberts represented Exeter Property Group whilst Lothbury was advised by JLL.
