Lothbury Investment Management has completed the purchase of Colndale Industrial Estate in Poyle, close to Heathrow Airport in London.
Lothbury Investment Management has completed the purchase of Colndale Industrial Estate in Poyle, close to Heathrow Airport in London.
Lothbury acquired the asset for £14.3 mln (€16.6 mln) in a deal reflecting a yield of 6.36%.
The purchase was made on behalf of Lothbury Property Trust, and the vendor was Harbert European Real Estate Fund II, LP and its affiliates.
Colndale Industrial Estate is fully let, with 10 units totalling 8,243 m2 on a net site area of 2.1 hectares. Tenants on the site include Goldstar Heathrow, Wilder Logistics, Everest and Worldnet Shipping.
Jo Bond, director at Lothbury Investment Management, said: 'Competition for this asset was very strong so we are extremely pleased with the purchase. It is a first-class location just two miles from Heathrow. There is huge demand for space in the area, which is reflected in the fact that the estate is fully let, mainly to logistics and distribution companies.'
Deloitte acted for Lothbury Investment Management and Dowley Turner Real Estate acted for the vendor.
