Swiss Life Asset Managers UK has sold a distribution warehouse in Doncaster for £29.25m on behalf of its flagship fund, the Property Income Trust for Charities (PITCH).
The property, built in 2002, comprises of two warehouse units at Trax Park, adjacent to the rail freight terminal, which is currently let to Wincanton until September 2027.
The property was acquired in 2014 in line with Swiss Life Asset Managers UK’s thematic investment strategy, which saw PITCH invest £100m into logistics over a two-year period.
This sale provides the opportunity to enhance PITCH’s positioning by enabling reinvestment into more modern and multi tenanted assets to further diversify the portfolio and align with future occupational trends.
Simon Martindale, fund director of PITCH, said: “Trax Park has been an excellent long-term performer for the Fund providing attractive, resilient and growing income and strong capital growth having substantially exceeded its original underwriting assumptions.
“We continue to have strong conviction in the warehouse sector and intend to maintain our long-term overweight allocation but with a disciplined focus on modern, well specified buildings to coincide with more discerning occupier requirements.”
