Mayfair Capital Investment Management has upped its Property Income Trust for Charities portfolio to £350m after completing £17.3m of new purchases.
The fund has invested in a £10.4m, 30,322 sq ft office building at Cambridge Research Park, which it bought from Kier. The price reflects a yield of 6.14%. The office has two floors leased for 15 years to Kier.
The second transaction of £6.94m adds Oakleigh House in Cardiff city centre. The offices are leased for 10 years at a rent of £13.80 per sq ft.
James Thornton, chief executive of Mayfair Capital and fund director of PITCH, said: “Both assets are in line with our investment strategy for PITCH, providing excellent income return and the potential for strong rental growth.
“The Cambridge asset is expected to provide above-average rental growth, due to an increasingly strong local office market constrained by a lack of quality supply, while Cardiff offers the potential to grow the income through added value activities such as refurbishment and lease events”.
Lambert Smith Hampton and Bushe Gower advised Mayfair Capital in Cambridge; Kier Property was not represented. In Cardiff, DTZ advised Mayfair Capital; Knight Frank acted for the vendor.
