MCPUT makes further acquisitions
Mayfair Capital Property Unit Trust (MCPUT) has completed two further acquisitions for a combined price of GBP10.74m taking the fund’s net asset value to over GBP110m.
MCPUT has acquired Riverside Retail Park in Canterbury from a client of Cornerstone Real Estate Advisers, for a price just over GBP8.5m reflecting a net initial yield of seven per cent. The park is let to B&M, Pets at Home and Staples, producing a current net income of GBP630,200 per annum with unexpired lease terms of between nine and 14 years. Edgerley Simpson Howe acted for Cornerstone whilst CWM represented MCPUT.
The fund has also acquired 206 – 208 High Street Cheltenham for GBP2.38m. The property is let to Specsavers, BrightHouse and Pandora, producing a rent of GBP187,000 per annum. The purchase price reflects a net initial yield of 7.4 per cent. The vendor, a client of LIMl, was represented by Lewis & Partners with MCPUT being advised by Kitchen la Frenais Morgan.
Robert Palmer from Mayfair Capital Investment Management, the investment advisor to the fund, says: “These latest acquisitions provide balance to the existing portfolio which is predominantly comprised of industrial and office assets in the south east, giving the fund exposure to strong and improving retail locations. They will also enhance the dividend yield to the investors.”
Graeme Rutter from Schroder Property Investment Management, the principal investors in MCPUT, says: “We are very pleased with these recent purchases on behalf of our Property Multi-Manager clients. The latest acquisitions enhance the income focussed nature of MCPUT and are consistent with the strategy of the fund which has delivered out performance over the past two years.”