Property Income Trust for Charities buys £8.3m Debenhams store

Finance | Adam Bennett | 6 Jul 2010

Mayfair Capital Investment Management’s Property Income Trust for Charities (PITCH) has completed its latest acquisition, purchasing the Debenhams’ Department Store in Southport for £8.3m.

The price paid reflects an initial yield of around 6 per cent, while the lease prescribes for annual uplifts of 3 per cent per annum until 2014, and 2.5 per cent per annum to 2019.

The acquisition was facilitated by Jackson Criss and Drivers Jonas Deloitte on behalf of PITCH, and the vendor – a private investor – was represented by CBRE.

James Thornton, fund director at Mayfair Capital, said: “This latest acquisition fits the profile for the Fund, generating an attractive yield with predetermined annual increases, thereby building income growth into the return profile without reliance on market reviews at a time when the retail occupier market remains subdued.”

He continued: “PITCH continues to be sought after by charities for its relatively high income yield, which currently stands at close to 8 per cent. With continuing low interest rates and firm gilt market pricing in the wake of the emergency budget, property is a natural asset for charities seeking high levels of income.”

The Property Income Trust for Charities was specifically designed to enable medium and small-sized charities to obtain exposure in commercial property on a pooled basis. The Fund is currently the only charities fund available to all charities in the UK, and is at present worth £86.47m.

Directory: Mayfair / Property Income Trust | Mayfair Capital Investment Management Limited

Comments

[Cancel] | Reply to:

Name *

Email *

Organisation

Job Title

Comments *

Verification *

* Please read our Community Standards

Close »

Community Standards

The civilsociety.co.uk community and comments board is intended as a platform for informed and civilised debate.

We hope to encourage a broad range of views, however, there are standards that we expect commentators to uphold. We reserve the right to delete or amend any comments that do not adhere to these standards.

We welcome:

Robust but respectful debate
Strongly held opinions
Intelligent relevant discussion
The sharing of relevant experiences
New participants

We will not publish:

Rude, threatening, offensive, obscene or abusive language, or links to such material
Links to commercial organisations or spam postings. The comments board is not an advertising platform
The posting of contact details for yourself or others
Comments intended for malicious purpose or mindless abuse
Comments purporting to be from another person or organisation under false pretences
Gratuitous criticism, commentary or self-promotion
Any material which breaches copyright or privacy laws, or could be considered libellous
The use of the comments board for the pursuit or extension of personal disputes

Be aware:

Views expressed on the comments board are left at users’ discretion and are in no way views held or supported by Civil Society Media
Comments left by others may not be accurate, do not rely on them as fact
You may be misunderstood - sarcasm and humour can easily be taken out of context, try to be clear

Please:

Enjoy the opportunity to express your opinion and respect the right of others to express theirs
Confine your remarks to issues rather than personalities

Together we can keep our community a polite, respectful and intelligent platform for discussion.