The Property Income Trust for Charities (PITCH), a fund managed by Swiss Life Asset Managers UK, has sold a distribution warehouse in Doncaster for £29.25m (€33.9m).
Swiss Life said that the asset, a two-unit warehouse at Trax Park built in 2002 and acquired in 2014, performed well for PITCH due to rental value growth that significantly exceeded inflation.
The sale provides an opportunity for PITCH to enhance its portfolio by reinvesting the proceeds into more modern, multi-tenanted assets, the manager added.
Simon Martindale, fund director of PITCH, said: “Trax Park has been an excellent long-term performer for the Fund providing attractive, resilient and growing income and strong capital growth having substantially exceeded its original underwriting assumptions.
“We continue to have strong conviction in the warehouse sector and intend to maintain our long-term overweight allocation but with a disciplined focus on modern, well specified buildings to coincide with more discerning occupier requirements.”
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