A 94,700 sq ft property let to Liverpool FC near the intersection between the M57 and the M62 has been bought for £4.7m.
The distribution unit at Whiston Enterprise Business Park in Merseyside has been acquired from Ashtenne by the Mayfair Capital Property Unit Trust (MCPUT). The MCPUT is a fund managed by Schroder Real Estate Managers (Jersey) with Mayfair Capital Investment Management as the property adviser.
The price reflects a net initial yield of 6 per cent.
The property is let to Liverpool FC at a rent of £3.17 per sq ft until May 2025. The unit comprises 82,647 sq ft of warehouse space, 11,037 sq ft of offices and a 1,022 sq ft amenity block.
MCPUT announced the deal while revealing that it has completed £45.5m of transactions as part of a repositioning of its portfolio towards office and industrial assets. The fund has bought industrial investments in Liverpool, Redditch and Ashford, as well as office buildings in Oxford and Egham, for a total of £31.7m, and disposed of offices in Exeter and Bristol and retail units in Edinburgh and Glasgow for £13.7m.
Robert Palmer, chief investment officer at Mayfair Capital, said: “These transactions were a repositioning exercise. The five acquisitions provide the fund with further exposure to the strong South East office and Midlands and North West distribution markets, which all offer strong rental growth prospects and attractive yields.
“The four disposals are of three of the smaller assets, Exeter, Edinburgh and Glasgow, in the portfolio and an office building in Bristol, which was one of the first acquisitions for the fund and where our business plan has been completed.”
Graeme Rutter, head of Schroder Real Estate Capital Partners, said: “We are delighted with the recent transactions made by the team at Mayfair Capital. Business plans have been successfully concluded and sales proceeds and new equity have been deployed into our favoured market segments.”
Mayfair Capital was represented by B8 Real Estate.
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