Mayfair Capital Investment Management has announced an increase in the investment portfolio of its flagship fund, Property Income Trust for Charities (PITCH), after three acquisitions totalling £31.4 million, putting the portfolio value at £404 million.
The largest transaction for PITCH was the acquisition of the 5.85 acre Border Retail Park in Wrexham, North Wales from Aviva investors for £12.6 million. It has five tenants, including Pets at Home, Poundstretcher, Pets at Home and Burger King and a combined rent of £1 million a year. During this transaction, DTZ advised PITCH and Morgan Williams advised the vendor.
The second transaction, advised by Knight Frank, saw a prime distribution facility, Fellowes Unit on West Moor Park in Doncaster, Yorkshire, acquired for £11.3 million from Perland Properties. It’s currently let out to Fellowes Ltd at a rent of £675,500 per annum. This 9.3 acre site is purpose-built and has tenants including Tesco, DHL, Amazon, Wincanton and several Next warehouses.
PITCH’s third transaction was the acquisition of additional units in the Unite UK Student Accommodation Fund, as part of the recent equity raise.
The fund also completed the sale of a mixed-use building in Twickenham, south west London for £5.17 million.
Chief Executive of Mayfair Capital and Fund Director of PITCH, James Thornton, commented: “In the context of other asset classes, commercial property remains attractive to pension funds and charities. As a result, PITCH is continuing to see positive flows of subscriptions in response to its out-performance and attractive yield.
“These latest acquisitions are in line with our investment strategy for PITCH, providing an excellent income return and the potential for strong income growth.”
PITCH was launched back in January 2005 and has produced a total return of 86.2% and attracted around £87 million of new subscriptions in the 12 months to the end of 30 June 2015. It has also been short-listed for ‘Boutique Investment Manager’ for the second consecutive year at the Charity Times Awards 2015, after winning the previous year.
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