Swiss Life Asset Managers UK has completed the off-market sale of a distribution warehouse in Doncaster on behalf of the Property Income Trust for Charities (PITCH) for £29.25m.
The property comprises two warehouse units at Trax Park, which is adjacent to the rail freight terminal.
The units, which are let to Wincanton until September 2027, were acquired in 2014 in line with Swiss Life Asset Managers UK’s thematic investment strategy, under which PITCH invested circa £100m into logistics assets over a two-year period.
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.”
