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.