Lothbury Purchase Prime Glasgow Retail and Office Asset

Online, July 10, 2013 (Newswire.com) - The property is fully let, with the ground floor units let to Vodafone, fashion retailer Bench and Starbucks. BDP, an international architecture practice, occupy the office accommodation. The Rogano restaurant, Scotland's oldest seafood restaurant, also forms part of the property.
Mike Toft, Senior Fund Manager at Lothbury Investment Management, said: "This superb asset is undoubtedly located on one of the best retailing pitches in the UK. With Glasgow's three main shopping centres based around Buchanan Street, it has consistently high footfall, which drives tenant demand.

"It offers secure income with the opportunity to maximise returns through a range of asset management strategies. The purchase, which was secured against some fierce competition, further demonstrates our focus on the very best properties in prime locations. The asset management initiatives over the next six to twelve months should generate very attractive returns for our investors."

Cushman and Wakefield acted for Lothbury Investment Management and Savills acted for the vendor.

-ENDS-

Notes for editors

· Lothbury Investment Management Limited (LIM) is an independent investment manager of property unit trusts

· LIM was formed on 1st June 2010 following a management buy out (MBO) of the KBC Asset Management (UK) Limited business

· The MBO was led by Chief Executive, Simon Radford in conjunction with his four-strong management team

· LIM has already grown since the launch of the new business from £810 million to £1.05 billion assets under management as at Q1 2013

· The LIM Senior Fund Management team has worked together for the last 15 years and were previously responsible for the management of unlisted property funds at Gartmore Asset Management before joining the KBC Group in 2004

· LIM has two core funds, Lothbury Property Trust and The European Property Fund, providing investors with access to the UK and European property markets, as well as The Clarendon Unit Trust, The Secure Income Portfolio and one multimanager mandate

· Lothbury Property Trust, the flagship fund is a balanced property unit trust providing exposure to the office, retail and industrial 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

· As at 31 March 2013 LPT holds £762.8m of assets under management. It is an open-ended, ungeared fund that remains open to investment and has met all subscription and redemption requests without suspension or delay

· LPT has continued to outperform during 2013 and as at Q1 2013 the Fund recorded a quarter performance of 1.9% against the IPD Quarterly Property Fund Indices, All Balanced Property Funds Index Benchmark of 0.8%; the Fund is outperforming over 1, 3, 5 and 10-year periods

· More information on LIM and LPT can be found at www.lothburyim.com