Mayfair Capital Investment Management has increased the size of its flagship Property Income Trust for Charities fund to more than £400m.
It has completed a string of deals, including a secondary investment in a Unite student housing fund.
PITCH has purchased additional units in the Unite UK Student Accommodation Fund as part of its £306m equity raise, which closed in May. The Mayfair-managed fund was already an investor in the Unite fund, which gives it exposure to the growing student market, which has proven hard to access for non-specialist investors.
The purchase was part of a £31.4m trio of acquisitions, which also included Border retail park in Wrexham, North Wales, bought from Aviva for £12.6m – a 7.85% yield; and the Fellowes shed at West Moor Park in Doncaster, Yorkshire, bought from Perland Properties for £11.3m – a 5.89% yield.
Mayfair Capital chief executive James Thornton said PITCH continued to see positive flows of subscriptions from its charities investor base.
He added: “West Moor Park is expected to provide above-average rental growth, while Border will provide an attractive net income return of 7.85% pa.”
