The Property Income Trust for Charities (PITCH), managed by Mayfair Capital Investment Management (MCIM), has acquired the first properties in a move to invest in private residential, advised by the specialist residential investor, Hearthstone Investments.
PITCH’s strategy will focus on the acquisition of single-family, private-rental accommodation, primarily for lower-income households, in response to a national shortage of quality, affordable accommodation where tenant welfare and high-environmental standards will be prioritized.
The fund aims to invest an initial £30 million (€36 million/$39 million) into a portfolio of 120 homes with a focus on mainstream residential, including new build, modern or recent conversions with an average property value of about £250,000 (€299,520/$325,674). The strategy will increase PITCH’s exposure to alternatives into a sector that will provide diversification from traditional mainstream commercial property.
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