The Mayfair Capital Property Unit Trust (“MCPUT”), a fund managed by Schroder Property (Jersey), with Mayfair Capital the property advisor, has increased its portfolio size to more than £140 million, having completed £15.4 million of acquisitions, reflecting a net initial yield of 6.9% to the Fund. The Fund’s portfolio now has 27 assets.
MCPUT has acquired two office buildings in the south east of England, one single-let in Maidenhead for £5.2 million, and Anglo Office Park, a multi-let investment in Amersham for £5.0 million.
The 24,500 sq ft Amersham asset was purchased from Anglo St James and is a modern multi-let office let to four tenants at an average rent of £18.10/sq ft, reflecting a net initial yield of 8.4%, which rises to 8.7% in July 2014.
The 14,850 sq ft Maidenhead office building was purchased from a private investor and is let to BCD Meetings and Incentives Limited at a rent of £23.90/ sq ft. The net initial yield is 6.3%.
MCPUT has also forward funded a retail warehouse scheme in Clevedon, Somerset, being developed by a joint venture between McLaren Property and Life Property. The 22,200 sq ft development, which is due to be completed in early 2015, has been pre-let to Aldi Stores and Pets at Home, providing a net initial yield of 6.1%. Mayfair Capital Investment Management Limited Brookfield House, 44 Davies Street, London, W1K 5JA www.mayfaircapital.co.uk Authorised and Regulated by the Financial Conduct Authority
Robert Palmer, Chief Investment Officer at Mayfair Capital, commented: “These purchases offer the Fund further diversification providing it with exposure to the strong south east office market and a very prominent retail warehouse scheme, which all offer strong rental growth prospects and an attractive yield.”
Graeme Rutter, Head of Property Multi-Manager at Schroder Property, said “We are delighted that the MCPUT team has been able to source good opportunities in a competitive market. We believe that the strong track record of the Fund and the ability of our property advisor to secure deals has validated our decision to create MCPUT for our clients in 2010.
Mayfair Capital was represented by Lambert Smith Hampton at Amersham, Colliers International at Maidenhead and Montagu Evans at Clevedon.
Launched in June 2010, MCPUT has consistently outperformed the AREF/IPD UK All Balanced Property Funds Index. In the year to 31 March 2014 MCPUT produced a total annualised return of 12.8% (versus 11.9%) and over the three years to March 2014 produced a total annual return of 6.8% (versus 5.7%).
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Notes to Editors
Mayfair Capital is an independent, owner-managed, UK real estate investment management business. Founded in 2002 and headquartered in London, Mayfair Capital is authorised and regulated by the FCA. Its management board, which is chaired by Stephen Musgrave, includes William Hill (non-executive director), Guy Brogden (head of investment), James Thornton (chief executive officer), Robert Palmer (chief investment officer), Ned Pumphrey (fund director) and James Lloyd (director of marketing & business development). Mayfair Capital serves a diverse client base, including the Property Income Trust for Charities, the MC Property Unit Trust, the MC Commercial Property Trust, the MC Income Plus Fund, the MC Property Growth Fund No 2 and the Mayfair Capital Residential 1.