Mayfair Capital’s Property Income Trust for Charities has bought a newly built office asset in the capital of Wales.

The specialist UK real estate investment manager said it has acquired 3 Capital Quarter in Cardiff for an undisclosed sum.

Developed in 2018 by JR Smart, 3 Capital Quarter forms part of an eight-acre mixed-use development, including 370,000sqft of offices, 1,200 student beds and a 307 unit build-to-rent residential tower.

3 Capital Quarter is let to Admiral Insurance and Which? Consumer Services, providing secure, long-term income with an unexpired lease term of 9.5 years.

Mayfair Capital said the latest acquisition enhances its ability to provide long-term, sustainable income for charity clients within a socially responsible framework.

Simon Martindale, fund manager of the Property Income Trust for Charities, said: “This acquisition has allowed us to participate in a market supported by positive long-term trends, which has been bolstered by the recent commitment from a number of well-known corporates.

By allocating to high-quality and well-located regional offices, where demand continues to exceed supply and letting activity remains strong, Martindale said Mayfair Capital sees the opportunity for further performance from income growth.

”The building itself provides high-quality space at an attractive yield, allowing us to continue to provide long-term sustainable income for our charity investors.”

Alex Smart of JR Smart, said: “We are delighted to have secured the sale of No 3 Capital Quarter to Mayfair, which follows our successful sale of No 2 Capital Quarter to another UK pension fund in 2017 and further demonstrates the level of institutional interest for the product we have created at Capital Quarter.

“We had a number of strong bids on this asset and are also delighted that No 4 Capital Quarter is also fully let. We have now commenced on our next exciting office development in Cardiff City centre at John Street, Callaghan Square.”