The Charities Property Fund in the UK acquired four properties in the first quarter of 2011, bringing the total value of its portfolio to over £400 mln (EUR 456 mln). The new assets were purchased for £50 mln with an average yield of 7.5%. These properties included: a multi-let industrial estate in Epsom for 7.4%; a leisure club in Rayleigh for 7%; a modern distribution warehouse in Burton-upon-Trent for 9%; and a modern office building in Farringdon for 7.1%.

The fund has now a net asset value of £418 mln and it is the first and largest property fund designed specifically for UK charities. The fund returned 2% in the first quarter of 2011 and 8.8% over the 12 months to 31 March.

New investment into the fund was restricted temporarily in order to protect returns to existing investors. Dealing is expected to return to normal in the second quarter, the fund said.