The Mayfair Capital Thematic Growth Fund has acquired AB InBev House in Church Street in Woking for €18.8m (£16.9m) reflecting a net initial yield of 7.62% and is planning a refurbishment of the 65,577ft² building. The property is let to AB InBev until March 2019. Mayfair Capital was advised on the purchase by V7 Asset Management and Lambert Smith Hampton. The vendor, M&G Real Estate, was advised by Knight Frank.
Phil Sturdy of Mayfair Capital commented: “Our plan is to refurbish the building to provide flexible, amenity-rich accommodation that meets the needs of today’s occupiers. The building is in an excellent location directly opposite the site of the Victoria Square development which will create new retail, leisure and residential space. The demographics, infrastructure and occupier demand for the location and the characteristics of this building are aligned with our thematic approach to investment.”
The company has also announced it completed its second close of fundraising. The Mayfair Capital Thematic Growth Fund was launched in January of this year and will build a portfolio based on thematic research and market analysis rather than taking positions relative to a benchmark comprised of stock that is increasingly obsolete.
Mayfair Capital CIO, Robert Palmer, comments: “Occupier dynamics are changing very rapidly and so are the requirements of successful real estate investing. Guided by the themes which are having the most transformational impact, the Thematic Growth Fund capitalises on these changes to invest in properties which can be aligned to future occupational demand in locations where the occupiers of tomorrow want to be. Following a second close, the Fund now has €105.9m (£95m) of equity commitments including a significant sponsor’s commitment and has completed €83.6m (£75m) of acquisitions. We plan to raise a further €167.2m (£150m) for a final close in 2019, and will add leverage of up to 35% at that time.”
