The Charities Property Fund has made £40m of new investments, taking the fund up to almost £200m in four years.
Advised by Cordea Savills Fund Management, the fund has bought a shopping centre, three offices and a warehouse.
It bought the 50,000 sq ft Montague Centre in Worthing from LaSalle Investment Management for £13.75m, a yield of 6.1%.
Donaldsons advised LIM.
The office investments include the purchase in Stevenage of Six Hills House from Corex for £8.75m, reflecting a yield of 9.4% .
The 73,000 sq ft (6,800m2), eight-storey office is let to Fujitsu Services until February 2007 at £12 per sq ft. Blandford Goldsmith advised Corex.
The Charities Property Fund, launched by Carr Sheppards Crosthwaite and FPDSavills in 2000, is one of only two common investment funds for charities.
A third fund the first stamp duty-exempt unit trust for charities was launched in September by Mayfair Capital Partners.
References: EGi News 01/11/04
