12 July 2011

Forsters acts for Mayfair Capital Property Unit Trust on further acquisitions for £100m fund

Forsters has acted for Mayfair Capital Property Unit Trust (MCPUT), the Jersey Property Unit Trust (JPUT) with £100m of equity from Schroders Property Investment on further acquisitions.

The Mayfair Capital Property Unit Trust acquired a further nine assets during the second quarter of 2011, taking the portfolio to a total of 13 and increasing the NAV to £57 million. 

The purchases have been predominately in the south east and sit within the multi-leased industrial sector. There are seven estates comprising 77 units and 366,000 sq ft of accommodation. The combined price of £29.6 million provides a blended net initial yield of 7.6%. 

Five estates, in and around London, were acquired from Henderson Global Investors as the Axis portfolio. Two further estates in Milton Keynes were bought from Northcreek Estates, the light industrial real estate investment business advised by M7 Real Estate. 

Outside the South East, MCPUT purchased a retail warehouse at J27 Birstall in Leeds, leased to Starbucks and Krispy Kreme on new long leases with indexed rents for £3.2 million showing a day one yield of 6%. 

The Travelodge hotel at Stratford-upon-Avon has also been added to the portfolio providing long-term income with CPI rent increases, the first of which is in 2013. The purchase price of £6.75 million reflects a net initial yield of 6.6%. 

The transactions were led by Robin Cole assisted by Peter Selwyn

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