Pension fund investor buys Congleton retail park
Lothbury Investment Management, acting on behalf of Lothbury Property Trust, has sold Congleton retail park in Cheshire to Middlesbrough Council’s Teesside Pension Fund, advised by CBRE Capital Advisors, for £15.09m, representing a yield of 6.46%.
The 64,800-sq ft retail park, which was originally developed in 2004, is close to Congleton town centre and comprises 10 units let to B&M, Boots, Marks & Spencer, Laura Ashley, Shoe Zone, Bensons, Carphone Warehouse, Jollyes Pets, Halfords and Topps Tiles. The units generate an annual rental income in excess of £1m pa with a WAULT under three and a half years.
Ed Hockley, fund manager and director of Lothbury Investment Management, said: “Congleton retail park has given the fund good rental growth since its purchase in 2014 and created some opportunities for asset management initiatives. However, with the retail environment undergoing considerable pressures, our policy is to selectively divest in the sector and de-risk our exposure.”