GLOBAL - The Mayfair Capital Property Unit Trust (MCPUT) has acquired a further nine assets in the second quarter this year.

This new acquisition takes MCPUT's portfolio to a total of 13 and increases the NAV to £57m (€64m).

The deal includes seven estates comprising 77 units and 366,000 square feet of accommodation.

Five estates in and around London were acquired from Henderson Global Investors as the Axis portfolio.

Two further estates in Milton Keynes were bought from Northcreek Estates, the light industrial real estate investment business advised by M7 Real Estate.

According to MCPUT, the combined price of £29.6m provides a blended net initial yield of 7.6%.

MCPUT also acquired a retail warehouse at J27 Birstall in Leeds, leased to Starbucks and Krispy Kreme on new long leases with indexed rents for £3.2m showing a day one yield of 6%.

The Travelodge hotel at Stratford-upon-Avon has also been added to the portfolio providing long-term income with CPI rent increases, the first of which is in 2013. 

The purchase price of £6.75m reflects a net initial yield of 6.6%.

Meanwhile, Legal & General Property has completed the acquisition of an industrial scheme in Leamington Spa from Blackrock on behalf of the Property Unit Trust.

The deal is worth £8.6m and reflects a net initial yield of 9%.

Matt Jarvis, fund manager at Legal & General Property, said: "The price paid reflects a low capital value £56.50 per square foot, which compares well with other recent sales."

This deal follows on from the acquisition of Whitehall One in Leeds and Tradeteam distribution unit in Hams Hall earlier this year.

Finally, Rockspring Property Investment Managers has acquired Riverside House in Aberdeen on behalf of the Cheshire Pension Fund.

The deal is estimated at £11.5m, with a net initial yield of 8%.

Constructed in 2002, Riverside House is a multi-let, grade-A office building consisting of 52,745 square feet of lettable space.

The property is located to the west of Riverside Drive overlooking the River Dee and in close proximity to the regenerated harbour area and Union Square shopping centre development.

Michael Pryer, associate partner at Rockspring, said: "Riverside House allows our client to gain exposure to a strong regional office market in the UK. Given the asset's prime location and tenant covenant strength, we are confident it will deliver long-term capital and income growth."

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