Lothbury Investment Management (LIM) has completed the purchase of Meteor Park industrial estate next to Birmingham's Spaghetti Junction motorway hub.
Lothbury Investment Management (LIM) has completed the purchase of Meteor Park industrial estate next to Birmingham's Spaghetti Junction motorway hub.
The investment volume for the transaction on behalf of Lothbury Property Trust came to £18.2 mln (€22.3 mln), reflecting a net initial yield of 6.25%. The vendor was Harbert.
The 4.5-hectare Meteor Park is next to Junction 6 of the M6 motorway, more commonly known as Spaghetti Junction, and is arguably at the centre of the hub of the national motorway network.
The freehold property is fully let to four tenants with unit sizes ranging from 22,229 sq ft (2,065 m2) to 10,650 sq ft. The asset generates rental income of £1.18 per annum, with rents ranging from £4.75 per sq ft to £6 per sq ft.
Lothbury was advised by JLL and DTRE acted for the vendor.
London-based Lothbury is an independent investment manager of property unit trusts with £1.3 bn of assets under management at end 2013.
