Mayfair Capital Investment Management's flagship fund, the Property Income Trust for Charities (PITCH), has acquired a prime logistics property in Doncaster, UK.
Mayfair Capital Investment Management's flagship fund, the Property Income Trust for Charities (PITCH), has acquired a prime logistics property in Doncaster, UK.
PITCH has acquired the freehold interests in two neighbouring distribution facilities at Trax Park for over £19 mln (€24 mln), which reflects a net initial yield of 6.55%.
The facilities total 308,500 sq ft (28,700 m2) and are fully let to Wincanton, a provider of supply chain solutions in the UK and Ireland, at a rent of £1.3 mln a year on leases that expire in 2022. One of the units has been sub-let to Armstrong Logistics until the end of the lease.
The investment will become the largest holding in the fund and will increase its weighting to industrial property to 29%.
Colliers International advised the vendor on this transaction while Deloitte RE advised Mayfair Capital.
Launched in January 2005, PITCH has attracted around £85 mln of new subscriptions in 2013, with a further £56 mln of new subscriptions to date in 2014.