Property Income Trust for Charities, managed by Mayfair Capital Investment Management, bought a warehouse in the UK’s Golden Triangle for £14.8m.
The company is set for an initial income return of 3.86% per annum, forecast to rise to 4.43% on settlement of the January 2023 rent review.
The property, built in 2003, is a logistics warehouse situated on Toledo Close, in Coventry Business Park, which provides mid-box industrial units. The facility, which was acquired from a private investor, is fully let to e-commerce and supply chain management firm Woodland Global with the passing rent reflecting a discount to the current market rent.
JLL acted for Mayfair Capital with Savills and Knight Frank acting jointly for the vendor.
Hector Ahern, Investment Associate of Mayfair Capital, said: “We expect the industrial sector will continue its growth trajectory through 2022 and beyond, providing investors with resilient income and attractive capital growth.”
Christopher Robinson, director in the industrial and logistics investment team at JLL, added: “The asset perfectly suited our client’s requirement for a well let, high specification industrial property in the West Midlands market. As well as having excellent fundamentals, there is a rent review due next year, which provides an opportunity to secure a significant rental uplift.”
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