Lothbury Investment Management has sold a 170,000 sq ft warehouse at Manor Park to Exeter Property Group, backed by global investor GIC.
The facility was built in 2006 and is let to Fresenius Kabi, the German pharmaceuticals manufacturer and distributor, for a further six years.
Mike Toft, senior fund manager at Lothbury Investment Management, said: “This deal represents a very good result indeed for Lothbury Property Trust and demonstrates liquidity in the face of the current political and economic climate. It reflects the quality of this asset and the perceived risk profile from the buyer’s viewpoint.”
The purchase represents Exeter’s second significant investment in the North West following its speculative development of 357,700 sq ft at Logistics North, which is currently on site.
Paul Rubincam, managing principal at Exeter Property Group, said: “This purchase is in line with our strategy to invest in high quality assets in the core logistics market.”
Zaman Roberts represented Exeter Property Group. Lothbury was advised by JLL.