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Mayfair Capital Property Unit Trust asset value increases to GBP140m following acquisitions

The Mayfair Capital Property Unit Trust (MCPUT) has increased its portfolio size to more than GBP140 million, having completed GBP15.4 million of acquisitions, reflecting a net initial yield of 6.9 per cent 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 GBP5.2 million, and Anglo Office Park, a multi-let investment in Amersham, for GBP5.0 million.
 
The 24,500 sq ft Amersham asset was purchased from Anglo St James and is a modern multi-let office let to four tenants at an average rent of GBP18.10/sq ft, reflecting a net initial yield of 8.4 per cent, which rises to 8.7 per cent in July 2014.
 
The 14,850 sq ft Maidenhead office building was purchased from a private investor and is let to BCD Meetings and Incentives Limited at a rent of GBP23.90/ sq ft. The net initial yield is 6.3 per cent.
 
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 sq ft 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 per cent.  
 
Robert Palmer, chief investment officer at Mayfair Capital, says: “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, says: “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.  

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