Mayfair Capital Investment Management, the UK real estate investment manager, today announces that its flagship fund, the Property Income Trust for Charities (“PITCH”), has increased its portfolio to more than £300 million of assets, having completed another acquisition.
PITCH has acquired a Grade A headquarters office building at Tilgate Business Park in Crawley for £12.9 million, from LondonMetric Property, reflecting an attractive net initial yield to the Fund of 6.94% (allowing for the Fund’s exemption from Stamp Duty Land Tax). The property extends to 38,000 sq ft and is let in its entirety to Bard Limited, guaranteed by C R Bard Inc., until 2029.
The property is conveniently located adjacent to Junction 11 of the M23, which affords quick access to Gatwick Airport and the M25. Neighbouring occupiers include OCS and KPMG. The offices are finished to a high specification, having been recently refurbished throughout.
James Thornton, Chief Executive of Mayfair Capital and Fund Director of PITCH, commented: “Crawley is a fast- improving office location that currently has a low supply of Grade A office supply. With new speculative office schemes in the pipeline we are positive about the prospects for rental growth, particularly with Gatwick becoming an increasingly important gateway to rival Heathrow. The acquisition provides PITCH with an attractive net initial yield close to 7% for a 15-year income stream to a strong tenant, which sits very well with our investors”.
Launched in January 2005, PITCH has consistently outperformed the AREF/IPD UK All-Balanced Property Funds Index, producing a total return of 57.1% between 1 January 2005 and 30 June 2014. With an attractive prospective yield of 6.5% to new investors, the Fund continues to attract new equity from charities. The Fund attracted around £85 million of new subscriptions in 2013, with a further £56 million of new subscriptions to date in 2014.
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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.