Lothbury Investment Management, acting on behalf of Lothbury Property Trust, has disposed of the freehold interest in the McDonalds and Pets at Home units on Bath Road, Brislington to Aberdeen Asset Management for £5.03 million reflecting an initial yield of 7.11%.
The property is located opposite the Brislington Retail Park, which is owned by another of Aberdeen’s funds, and is let to McDonalds for a further 14.5 years and to Pets at Home for a further 9.5 years.
The sale to Aberdeen was a strategic decision by Lothbury as the asset was no longer a core holding for the Lothbury Property Trust. Lothbury had recently completed a lease re-gear on the Pets at Home unit, extending the term by five years, which increased the asset’s liquidity.
Edgerley Simpson Howe acted for Lothbury Investment Management and HP Four acted for Aberdeen Asset Management.