Press Release (ePRNews.com) - Feb 02, 2017 - Lothbury Investment Management, on behalf of Lothbury Property Trust, has signed a lease on 29 James Street in London’s Covent Garden with luxury home and body cosmetics retailer, Rituals, at a rent of £1,400 per sq ft Zone A. Rituals has taken a 15-year lease on the unit with three yearly rent reviews. Fit out has been completed and the store is now trading.
Mike Toft, Senior Fund Manager and Executive Director of Lothbury Investment Management, said: “We are delighted that Rituals, a retailer with an excellent reputation and strong covenant, has taken the lease on 29 James Street. The unit was previously let to Fossil (UK) Ltd and has been re-let at the current rental tone of £1,400 per sq ft Zone A. Given the strength of the location, we received strong interest and were able to structure a deal where there was no void or break in rent.”
Lothbury Property Trust’s holding at 25-31 James Street is Lothbury’s flagship retail holding and occupies a prime position on one of London’s busiest retail thoroughfares. Current retail tenants include The Body Shop, Michael Kors, MAC, Cambridge Satchel Co, and now Rituals. The remaining unit, 25/26 James Street, is currently undergoing reconfiguration, with completion set to occur in Q4 2016. Throughout their ownership, the Lothbury Fund Management team has actively targeted these assets to realise premium rental levels.
Cushman & Wakefield acted for Lothbury on 29 James Street, while Harper Dennis Hobbs acted for Rituals.
Notes for editors
· Lothbury Investment Management Limited (LIM) is an independent UK real estate investment manager with £1.80 billion assets under management, as at Q3 2016.
· The LIM Senior Fund Management team has worked together for almost 20 years and has a track record of delivering outperformance for investors.
· Lothbury Property Trust (LPT) is the flagship fund for LIM, providing investors with access to the UK property market. In addition, LIM manages the Clarendon Unit Trust and the Secure Income Portfolio.
· Lothbury Property Trust holds £1.51 billion assets under management and is a balanced property unit trust providing exposure to the UK office, retail, industrial and ‘other’ 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.
· The Lothbury Property Trust has achieved a GRESB “Green Star” status.
· More information on LIM and LPT can be found at www.lothburyim.com.
Lothbury Investment Management