13 June 2012

Forsters acts for Mayfair Capital PUT on acquisition of three further properties

Forsters has acted for The Mayfair Capital Property Unit Trust (MCPUT) , the Jersey Property Unit Trust (JPUT), on its purchase of three further properties taking the portfolio to a total of 18 properties and increasing the NAV to £86 million.

The purchases include two office buildings, one single let on Bristol Business Park and one multi-let in Surbiton; and a single let retail unit in Durham. The combined purchase price of £17.5 million provides a blended net initial yield of 7.8% to the fund.

The Bristol Business Park office was purchased from Deely Freed and let to Motability Operations Ltd. on a long lease showing a day one yield of 7.2%.

The Surbiton office was purchased from Benmore Developments and has been multi-let to four tenants following a comprehensive refurbishment in 2008. The asset provides a day one yield of 8.6%.

The retail unit in Durham was acquired from Aqueuus Land Ltd. and is let to C-Retail Ltd., which trades as Superdry, on a long lease showing a day one yield of 5.9%.

The transactions were led by Robin Cole assisted by Peter Selwyn.

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