Mayfair Capital Investment Management has purchased three assets for the Property Income Trust for Charities, taking its total portfolio size to £427m.
The fund manager has bought a Travelodge hotel at 14-18 Queens Road in Norwich, Norfolk, for £8.7m from Aviva Investors Pension at a yield of 5.5% rising to 6.2% in November.
It has also bought a Milton Keynes office building from an Oxbridge College for £4m – an 8% yield – and an industrial building in Southmooor Lane, Havant, Hants, for £3.3m – a 7% yield.
The Milton Keynes and Havant deals were paid for using units in PITCH.
James Thornton, chief executive of Mayfair Capital and fund director of PITCH, said: “PITCH is continuing to see positive inflows of money in response to its outperformance and attractive yield.”
