Charities Property Fund completes eight new leases and extensions after Brexit vote
20 July 2016
Since the vote to leave the EU the Charities Property Fund, managed by Savills Investment Management, has completed eight new leases or lease extensions reducing the void rate of the portfolio from 1.2% to 1.0%, comparing favourably to the IPD Monthly Index void rate of 10.2%.
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The properties include offices in Brighton, Maidenhead and Edinburgh and retail in Chichester, Bath, Poole, Sheffield and Basildon.
Harry de Ferry Foster, Fund Director, commented:
“The Fund owns in excess of 100 properties across the country providing a good barometer of the health of UK plc. Given the increased uncertainty following Brexit, it is reassuring that a significant number of asset management initiatives have completed and provides an indication of the quality of the underlying property assets held within the Fund. It is also encouraging that the cross section of tenants for these deals is diverse involving healthcare, financial services, a technology company, traditional high street retailers and A3 retailers.
“We continue to believe that the portfolio offers sustainable and secure income let to good quality tenants at an average unexpired lease term of 12 years in an asset class where we are able to grow and extend the income profile through proactive asset management.”
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