Investment firm snaps up units for £9m

Lothbury Investment Management, on behalf of Lothbury Property Trust, has secured two modern distribution units in Leeds in a deal worth £9.15m.

The two units of 30,000 sq ft and 50,000 sq ft are situated at Connex 45 off Pontefract Lane in Leeds. They are let to Perspex Distribution and FedEx.

Both units were developed in 2015 and have eight years remaining on their ten year leases.

Ed Hockley, director at Lothbury Investment Management, said: “The scarcity value of such units, which meet market tenant demand and certainty of rental growth, as well as being built to a good standard, make these a very good asset for the Fund.

“The purchase is in line with Lothbury Property Trust’s strategy of investing in urban logistics and ’last mile’ delivery properties with immediate access to the motorway network, and which serve wide catchment areas and large conurbations.”

The vendor is a private UK investor. Lothbury Investment Management was represented by Tudor Toone, with occupational advice from Carter Towler; the vendor was advised by Property Vision.