Mayfair Capital inks €37m of deals in the UK

UK real estate investment manager Mayfair Capital has acquired three properties for more than £27 mln (€37 mln) on behalf of its Mayfair Capital Commercial Property Trust (MCCPT).

MCCPT, which was established in March 2014 as a Jersey property unit trust to provide unitholders from Jupiter Asset Management with UK commercial property exposure, has purchased Tower Retail Park in Poole for £12.7 mln; a Travelodge in central Ipswich for £5.4 mln and a modern logistics facility near Barnsley for £9.3 mln.

The deal takes the fund’s total value to £184 mln.

Tower Retail Park was acquired from Anthonymaker, a joint venture company between BP Pension Fund and Cubemaker, a £100 mln UK-focused opportunistic property fund created by Cube Real Estate. It comprises four units, totalling 77,580 sq ft (7,200 m2), which are leased to Homebase, Topps Tiles, B&M and McDonald’s with a weighted average unexpired lease term of 9.6 years. The investment provides the fund with a net initial yield of 6.70%.

The Travelodge was completed in 2012 and is let for a further 22 years. The property provides the fund with a net initial yield of 5.95%, which is expected to increase to more than 6.50% in August 2017.

Situated at Elmhirst Park, in Barnsley, the logistics facility totals 158,260 sq ft and is let to Galpharm International, a subsidiary of Perrigo Company, a pharmaceuticals manufacturer, for a further eight years. The investment provides the fund with a net initial yield of 6.00%, rising to 6.60% in July 2018 on the provision of a fixed rental uplift.

Montagu Evans, MacLaren and Partners and Gent Visick respectively acted for MCCPT in the three transactions.