Mayfair Capital Property Unit Trust asset value increases to £140 million (UK)

The Mayfair Capital Property Unit Trust, a fund managed by Schroder Property with Mayfair Capital the property advisor, has increased its portfolio size to more than £140 million (approx. €170 million), having completed £15.4 million (approx. €19.2 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 (approx. €6.4 million), and Anglo Office Park, a multi-let investment in Amersham for £5.0 million (approx. €6.2 million).
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 ft² (approx. 2.0624m²) 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%.
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.
Source: Mayfair Capital