Mayfair Capital Investment Management’s Property Income Trust for Charities has bought two retail parks for £35m.
The two parks, in Bedford and Milton Keynes, increase the fund’s weighting to the retail warehouse sector to 15%.
Interchange Retail Park in Bedford has been acquired from clients of abrdn, for £14.9m, reflecting a net initial yield of 5.7%. It is let to The Range, SCS, Dreams, Simply Gym, Burger King and KFC and provides a weighted unexpired lease term of 11 years, with the average passing rents at £11.70 per sq ft.
The Place in Milton Keynes (pictured) is let to Currys, Aldi, American Golf and Starbucks, providing a weighted unexpired lease term of 7.4 years at an average passing rent of £17.50 per sq ft, with 40% of the income subject to indexation. The property was acquired from the Curzon Capital Partners IV Fund and asset manager Quadrant Estates for £20.4m, reflecting a net initial yield of 5.4%.
PITCH fund director Simon Martindale said: “Securing these two high-quality, South East retail parks will provide an attractive income return to the fund and help to improve the quality of our holdings in this segment.”
The trust, which helps more than 1,250 charities invest in property, has £661m in assets under management.
PITCH was advised by Avison Young on Bedford and Edgerley Simpson Howe on Milton Keynes. Abdrn was advised by Edgerley Simpson Howe and Quadrant Estates by XProp.
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