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Mayfair Capital is Authorised and Regulated by the Financial Services Authority. The Company is authorised to promote and manage pooled property funds.
Mayfair Capital News
January 2012
Property Income Trust for Charities acquires three assets for £28.5m in Q4, 2011
The transactions include a wholesale cash & carry warehouse in Rochester, let to Booker, with a lease having 15 plus years unexpired and providing for annual rental increases of 3% per annum. A retail warehouse in Redditch let to Matalan with over 15 years unexpired has also been acquired whilst the Fund completed on a new multi-let office investment in Guildford which completed on 10th January 2012. These total some £28.5 million and generate an overall yield to the Fund of 6.7%.
The Fund is also contracted on a forward commitment to purchase a Travelodge in Teddington to be completed in April/May 2012. With these purchases the weighted unexpired lease length will increase to 10.3 years whilst 40.5% of portfolio income will be subject to minimum or inflation linked reviews. Gross assets will stand at c. £147m once this asset is acquired.
Borrowings on the Fund post the new acquisition activity will represent a loan to value of 25%.
The Fund has entered 2012 in a position where it is fully invested, therefore reducing the potential for ‘cash drag’ in early 2012 on the distributions to investors.
Mayfair Capital Property Unit Trust
Mayfair Capital Property Unit Trust entered 2012 with approximately 70% of committed equity invested. No further purchases or sales were completed during the final quarter of 2011 however a number of asset management initiatives were successfully finalised including new lettings at Carters Lane, Milton Keynes, Park Royal Industrial Centre, Harlow Mill Business Centre and Rochester Trade Park. The fund continues to seek out opportunities to invest into core/core plus UK commercial property and has two opportunities under offer for a total of £15m.