Pitch buys £8.3m Debenhams store
Published: 08 July, 2010
Mayfair Capital Investment Management’s Property Income Trust for Charities has bought 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 pa until 2014, and 2.5 per cent pa to 2019.
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.”
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.
Drivers Jonas Deloitte and Jackson Criss acted on behalf of PITCH, and the vendor, a private investor, was represented by CBRE.
