An office building located in Solihull's Trinity Park has been acquired for £14m.
The Property Income Trust for Charities (PITCH), managed by Mayfair Capital Investment Management, has snapped up T1, which represents Mayfair Capital's fourth Trinity Park asset.
The building sits adjacent to T2, which was successfully let in September 2021 to facilities management company Mitie for ten years.
It will be refurbished to with the aim of achieving operational Net Zero, and will provide PITCH with an initial income return of 6.85 per cent per annum, with a net reversionary yield on cost of 7.75 per cent per year.
Simon Martindale, fund director of PITCH, said: "We are confident the T1 property will deliver resilient income and attractive capital growth to the fund over the long-term, driven by our expertise in refurbishing assets according to the evolving preferences of the modern-day workforce."
The PITCH portfolio achieved an annual return of 22.9 per cent in 2021, with the final quarter seeing the fund acquire £35m of retail warehouse assets, comprising two parks in Bedford and Milton Keynes, as well as a £15m hotel investment.
Phil Sturdy, investment director of Mayfair Capital, added: "While the past couple of years have been challenging for the UK office sector, there remains a fundamental need for high-quality office space across the country as companies increasingly realise their critical role in promoting innovation, collaboration and productivity."
