A UK property fund set up by Mayfair Capital Investment Management has bought an office asset from M&G Real Estate for 拢16.9m (鈧�18.8m).
Mayfair Capital Thematic Growth Fund has completed a second close and acquired AB InBev House in Church Street in Woking. The 65,577sqft building is let to AB InBev until March 2019.
Phil Sturdy of Mayfair Capital, said: 鈥淥ur plan is to refurbish the building to provide flexible, amenity-rich accommodation that meets the needs of today鈥檚 occupiers. The building is in an excellent location directly opposite the site of the Victoria Square development which will create new retail, leisure and residential space.
鈥淭he demographics, infrastructure and occupier demand for the location and the characteristics of this building are aligned with our thematic approach to investment.鈥�
Mayfair Capital鈥檚 CIO, Robert Palmer, said: 鈥淥ccupier dynamics are changing very rapidly and so are the requirements of successful real estate investing.
鈥淕uided by the themes which are having the most transformational impact, the Thematic Growth Fund capitalises on these changes to invest in properties which can be aligned to future occupational demand in locations where the occupiers of tomorrow want to be.鈥�
Palmer said following a second close the fund now has 拢95m of equity commitments including a significant sponsor鈥檚 commitment and has completed 拢75m of acquisitions.
鈥淲e plan to raise a further 拢150m for a final close in 2019, and will add leverage of up to 35% at that time,鈥� Palmer said.
Mayfair Capital Thematic Growth Fund was launched earlier this year with co-investment of up to 拢80m from its parent company Swiss Life Group.
The fund has a closed-ended structure with a 5 to 7-year life targeting a return of 8% to 10% per annum. The stabilised income yield is targeted to be 5% per annum once the fund is fully invested.
