Mayfair Capital Property Unit Trust has bought £54m of regional offices and retail warehouses in Ashford, Cardiff, Letchworth Manchester and London.
The fund, which was created for pension clients of Schroders Real Estate Capital Partners, seeks to provide long-term, above-average performance from investment into a diversified portfolio of UK commercial property. Acquisitions include OBI Property’s headquarters at 80 Mosley Street in Manchester, which it bought in an off-market deal from Bilsdale Properties for £12.1m, a net initial yield of 5.5%.
The fund has also sold two assets, a Travelodge hotel in Marlow and a high street shop in Stratford upon Avon for a total of £12m.
Mayfair Capital advises the fund, which was established in 2010. In September 2016 it had a net asset value of £242m across 43 assets and a distribution yield of 4.9%. The deals take the net asset value of the fund to £291m.
In November of last year, Mayfair Capital was acquired by Swiss Life Asset Managers.
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