Property Income Trust for Charities

You are here

What is the Property Income Trust for Charities in summary?

More

The Property Income Trust for Charities (“the Fund”) is a type of unit trust designed as a pooled property vehicle that is available to all charities and unit trusts whose members are all charities that in each case qualify for tax exemption. It is established to permit qualifying investors to co-invest in UK property in a manner that is tax efficient for both income and capital. It also has the advantage of allowing properties to be acquired free of Stamp Duty Land Tax.

The Fund operates both ethical and environmental policies and seeks to be a socially responsible investor.

The Fund’s aim is to deliver a relatively high and sustainable income yield whilst at least maintaining capital value in real terms over the economic cycle.

In order to enhance the distribution yield on equity, the Fund has the power to employ limited borrowings at target levels of leverage agreed in advance with the Investors’ Committee.

The Fund seeks to acquire assets which offer a combination of long-term capital appreciation (often with inflation or index-linked leases) and assets which may be enhanced by active asset management. 

Given the long-term and conservative nature of the investor base, risk management provisions have been introduced in order to reduce risks to the Fund. Limits are placed on the maximum exposure to any individual property and to any single source of income.  The Fund does not undertake any speculative development.

An Investors’ Committee has been established to represent the Unitholders and has quarterly meetings with the Manager.

The Fund is open-ended.  Units may be acquired on a monthly basis and redeemed on a quarterly basis subject to market conditions.

This document provides a summary of the principal terms and conditions of the Fund.  Full details are set out in the Trust Deed, which governs the Fund.  Prospective investors should read the Trust Deed carefully prior to subscribing for Units.

What is the Fund’s investment strategy?

More

The Fund aims to deliver a relatively high and sustainable income yield whilst at least maintaining the capital value in real terms over the economic cycle by acquiring income producing properties in the UK with growth prospects together with properties where there is “embedded” value that can be extracted through active asset management. The Fund aims to diversify risk through tenant, sector and geographic spread throughout the UK. It will not undertake any speculative development activity although refurbishment of existing assets will be undertaken where appropriate.

What are the Fund’s borrowing powers?

More

The Fund has the power to borrow up to 50% loan to value at the time of purchase. Target borrowing levels are approved by the Investors’ Committee in advance from time to time. The current prevailing borrowing target is 15-20% loan to value across the portfolio. Borrowings are secured on a selected number of the assets of the Fund and are without recourse to the investors in the Fund. The actual level of borrowings from time to time is stated in the regular quarterly Factsheets published on the Fund’s website.

Risk Management Provisions

More

The Manager and the Investors Committee meet on a quarterly basis to discuss risk management provisions designed to avoid concentration of risk.  The current prevailing restrictions are:

•    No one property will amount for more than 10% of the portfolio value at the time of purchase;

•    The three largest properties will not exceed 35% of portfolio value;

•    Excluding the UK Government (and related bodies) no one tenant will account for more than 10% of portfolio income;

•    The Fund does not undertake any speculative development;

•    Investments in other property funds are limited to 10% of total assets of the Fund.

What is the Fund’s approach to Environmental Social and Governance (ESG) issues?

More

The Fund adopts formal ethical and environmental policies. The ethical policy states that the Fund will not invest in property assets where an unacceptable level of a tenant’s business turnover is derived from alcohol, gambling, armaments, tobacco products, the sex industry or any other activity deemed unacceptable from time to time (‘unacceptable’ level of a tenant’s business is defined as over 25% of turnover). In practice, this means that due diligence screening is carried out at the time of purchase by Mayfair Capital’s management team and is reviewed quarterly and reported to both Mayfair Capital’s Investment Risk Committee and the Fund’s Investors’ Committee who meet with the Manager on a quarterly basis and who ensure the Fund is fully compliant in terms of the stated ethical policy. The environmental policy complies with all relevant environmental legislation and operates within a best practice framework.

Mayfair Capital is a signatory to the United Nations Principles for Responsible Investment (“UNPRI”) which underlines our commitment to responsible property investment. The Fund reports annually to the Global Real Estate Sustainable Benchmark (“GRESB”) and is scored against its peer group across a number of ESG metrics.

Mayfair Capital is also a member of the Institutional Investors Group on Climate Change (“IIGCC”).

Further information can be found at:

https://pitch.mayfaircapital.co.uk/responsible-property-investment-policy 

How is the Fund regulated?

More

The Fund is an unregulated collective investment scheme for the purposes of the Financial Services and Markets Act 2000 (“FSMA”) and an alternative investment fund (“AIF”) under the Directive on Alternative Investment Fund Managers (Directive 2011/61/EU) (the “AIFMD”).

The Fund is structured as an Exempt Unauthorised Unit Trust, which enables UK capital gains tax-exempt investors, such as UK charities, to pool their investment in a portfolio of properties in a tax efficient manner. An unauthorised unit trust is one that is not approved by the Financial Conduct Authority (“the FCA”) for distribution to the public in the UK and is not regulated by the FCA. Accordingly, the Fund is neither authorised nor regulated in the UK. It should be noted, however, that the Manager is authorised and regulated by the FCA.

Unlike a common investment fund, the Charity Commission does not regulate the Fund.

What is the Fund’s tax position?

More

As an Exempt Unauthorised Unit Trust whose investors are all charities, the Fund qualifies for exemption from tax on capital gains under section 100(2) of the Taxation of Chargeable Gains Act 1992.

Prior to 2014, income arising in the Fund was taxed at the basic rate, and investors were treated as if they received an annual payment after deduction of tax from the Fund. Investors were then entitled to recover the amount of tax withheld by the Fund from Her Majesty’s Revenue & Customs (“HMRC”).

As an HMRC approved Exempt Unauthorised Unit Trust under the Unauthorised Unit Trusts (Tax) Regulations 2013 (SI 2013/2819) which came into force on 6 April 2014 the Fund may make distributions to investors without the deduction of basic rate tax.

The Trustee is registered with HMRC for Value Added Tax (“VAT”) on behalf of the Fund. The Trustee may opt to select tax supplies made relating to properties held by the Fund (including lettings) in which case the Property Manager collects VAT on rents from tenants and the Trustee pays such VAT to HMRC on behalf of the Fund. Any VAT which is not recoverable from HMRC is borne by the Fund and reduces the amount of income and gains available to investors. All fees stated in this Fund Summary are exclusive of any applicable VAT.

Transfers of property to the Fund are exempt from Stamp Duty Land Tax (“SDLT”) under paragraph 4 of Schedule 8 to the Finance Act 2003.

Transfers of Units in the Fund will be exempt from stamp duty upon the transferee making a claim to HMRC Stamp Taxes for relief from stamp duty under section 129 of the Finance Act 1982.

Any statements relating to taxation in this Fund Summary are made only to provide a general overview of the UK taxation implications of acquiring, holding and disposing of Unit(s) in the Fund where such Unit(s) are held as an investment and not as trading stock. The comments are based on the understanding of current revenue law and practice at the date of this Fund Summary. Revenue law and practice may change, to the detriment of investors.

Neither the Manager nor any of its advisers can take any responsibility for advice to an investor on that investor’s particular tax position. Potential investors should obtain independent advice from their advisers with regard to their tax position and any applicable taxes before investing in the Fund.

Who is eligible to invest?

More

Any exempt charity in the UK or a unit trust whose members are all exempt charities may invest in the Fund. It is also possible for charities from the EU to invest if they apply for exemption from HMRC.

How do I invest?

More

Investors can invest in the Fund on a monthly basis.  An application form (in hard or soft copy format available on request from the Administrator or the Manager) needs to be completed applying for an amount (by value, with a minimum of £10,000) and sent by email or post to the Administrator well in advance of the monthly cut-off time for applications of 12noon on the last working day of each month.  The Administrator will carry out all necessary due diligence and anti-money laundering checks. Subject to these checks being completed satisfactorily the application will proceed if settlement for the full amount of the investment is received:

  1. for charities investing directly: by 12noon on the last working day of the month; or
  2. for charities investing indirectly via an investment manager or at the discretion of the Manager (Mayfair Capital Investment Management): within two working days of receipt of a contract note to be issued by the Administrator on or around six working days after the dealing date.

All subscription monies are payable direct to the Fund’s subscription account held at RBS in the name of the Trustee.  Neither the Manager nor the Administrator have permission to hold client money.

The Administrator keeps a register of Unitholders (which is available for inspection on request without charge) and periodically issues holding statements to investors.

Certificates are not issued.

What is an ‘In specie’ transfer?

More

Charities that own suitable investment property can apply to the Manager to transfer such property ‘in specie’ in exchange for Units in the Fund. The Manager must be satisfied that the assets are consistent with the Fund’s investment criteria prior to accepting an ‘in specie’ transfer. Such property will need to be independently valued.

For other property assets that do not meet the investment criteria of the Fund, the Manager may assist in arranging a sale of the property provided the proceeds are invested in the Fund. The Manager will not receive a separate fee for performing this role.

How do I redeem?

More

Investors can redeem part or all of their investment in the Fund on a quarterly basis.  Formal notification (redemption form available on request from the Administrator or the Manager) must be sent to the Administrator 15 days prior to a (calendar) quarter day. In normal market conditions the redeeming investor will receive the sales proceeds within 15 working days of the end of the quarter following the quarter in which the redemption notice was served.  By way of example, a redemption notice served by 16 December will normally be settled in early April.  However, if there is sufficient cash available and it would not be prejudicial to the Fund, the Manager has discretion to pay out sooner, rather than waiting until the end of the following quarter (using the example above, early January). Gating provisions apply if:

  • redemptions exceed 10% of Units;
  • there is insufficient cash;
  • the property valuer expresses material uncertainty about the value of 20 per cent or more of the portfolio of investments;
  • we determine that there is a significant risk of Units being materially mispriced due to (i) a severe lack of liquidity in the UK property market; or (ii) a significant fall in the UK property values.

Full details of the redemption provisions are set out in the Trust Deed.

What is a ‘matched bargain’?

More

The Manager offers a service of arranging ‘matched bargains’ between buyers and sellers of Units. These transactions are normally conducted at the mid-price between the issue and redemption prices. The Manager charges commission of 0.25% of the value of the transaction to both the buyer and seller of the Units.

Where there are multiple sellers, preference will be given to sellers by order of the date of receipt of the redemption notice. The Manager, when matching Units, may apply a minimum economic trade at its discretion which is Units to the value of £100,000 or such other amount as the Manager determines from time to time.

The Administrator will contact the seller and buyer to obtain confirmation that the terms of the arrangement are acceptable before proceeding with the transaction.

How are Units in the Fund priced?

More

Units are priced monthly in accordance with the Valuation Rules as laid out in the Trust Deed. The price of Units is based on the net asset value of the Fund (calculated by the Administrator and approved by the Manager using the monthly property valuations prepared in accordance with the Royal Institute of Chartered Surveyors (RICS) ‘Red Book’ by the independent Valuer) divided by the number of Units in issue with an allowance for acquisition and sales costs. The resulting issue and redemption prices are published on the Financial Times and Bloomberg websites and at:

https://pitch.mayfaircapital.co.uk

What are the fees and expenses of the Fund?

More

The fees payable by the Fund to the Manager, which are set out in the Property Fund Management Agreement, are:

  • a flat fee of £5,000 per annum;
  • a management fee of 0.65% of the gross asset value of the Fund for the first £40 million and 0.5% over £40 million calculated monthly and paid quarterly in arrears;
  • (in the event that the aggregate fees of the transaction agent and other legal and professional advisers in respect of an acquisition of a property are less than 1.50% of the purchase price) an acquisition fee calculated at 1.50% less the total of all other acquisition fees including agents, legal and other professional fees;
  • (in the event that the aggregate fees of the transaction agent and other legal and professional advisers in respect of a disposal of a property are less than 1.25% of the sales price) a disposal fee calculated at 1.25% less the total of all other disposal fees including agents, legal and other professional fees;
  • a fee of 0.5% of the purchase or sale price of indirect investments;
  • a special project fee at a rate to be agreed with the Trustee for additional work undertaken, for example arranging borrowings on behalf of the Fund;
  • recovery of reasonable and properly incurred expenses.

The Property Manager is paid from the fees earned by the Manager.  All the other fees and expenses set out below are payable by the Fund.

The Trustee receives an annual fee of 0.05% of the net asset value of the Fund for the first £100 million and 0.02% over £100 million.

The Depositary receives an annual fee of 0.027% of the net asset value of the Fund for the first £50 million, 0.025% for the next £50 million, 0.023% for the next £100 million and 0.018% for the net asset value in excess of £200 million.

The Property Valuer receives an annual fee of £1,750 per property.

The Administrator receives fees based on a sliding scale linked to the number of investors, properties and transactions.  For 2019 the total fees payable to the Administrator are estimated at £313,050.

The total expense ratio for the Fund is provided in the quarterly Factsheet published on the Fund’s website.

The Fund uses the service of a broker to arrange insurance for the properties it owns. The remuneration of the broker is a direct cost of the Fund; insurance commission is not retained by the Fund but is used to reduce the premiums payable by the Fund’s tenants.

As is common with funds of this type, property acquisition costs, solicitors and agents’ fees arising on acquisition are paid by the Fund and are capitalised, forming part of the book cost for each asset acquired.

The costs associated with putting in place borrowing facilities for the Fund are amortised over the life of the loan.

Who manages the Fund?

More

The Manager is Mayfair Capital Investment Management Limited, which is authorised and regulated by the FCA to manage collective investment schemes such as the Fund. Mayfair Capital is a property fund management business created to serve charities, pension funds and institutional investors.  Mayfair Capital is a wholly owned subsidiary of Swiss Life Investment Management Holding AG, part of the Swiss Life group.

The Manager manages the Fund and in particular takes responsibility for strategy and stock selection decisions together with implementing asset management decisions on behalf of the Fund.

In addition, the Manager is responsible for providing relevant information to the Valuer, Property Manager and Administrator to allow them to perform their functions effectively.  The Manager actively oversees the fund administration and accounting processes, which have been outsourced to the Administrator.

The Fund Director of the Fund is James Thornton. James has been managing real estate funds for over 30 years and was previously a partner at Jones Lang Wootton (now Jones Lang LaSalle). Prior to setting up Mayfair Capital in 2002 James was Head of Fund Management at Savills.  The Fund Manager is Simon Martindale, who has worked together with James to manage the Fund since 2012. Simon has 15 years of commercial property experience having previously worked at DTZ (now Cushman & Wakefield) and Edward Symmons (now LSH).

Further information about all the individuals involved in managing the Fund can be found at:

https://pitch.mayfaircapital.co.uk/people/management-team

Further information about the Manager can be found at:

https://www.mayfaircapital.co.uk

Further information about Mayfair Capital can be found at www.mayfaircapital.co.uk.

What does the Property Manager do?

More

Jones Lang LaSalle LLP has been appointed as the Property Manager. The Property Manager undertakes property management including rent collection, service charge administration and tenant monitoring.

The Fund does not retain any service charge rebates received.

What does the Depositary do?

More

National Westminster Bank Plc has been appointed as the Depositary. The Depositary’s duties include monitoring the Fund’s cash flows, safekeeping assets entrusted to it and overseeing and supervising the Manager and the Fund.

Who performs the Fund administration?

More

Sanne Group (UK) Limited has been appointed with effect from 1 January 2019 to administer the Fund. The Administrator provides fund administration and accounting services including dealing with subscriptions, redemptions, calculation of Unit Prices and payment of distributions.

What is the role of the Investors’ Committee?

More

The Investors’ Committee has been established to represent the Unitholders and is primarily drawn from representatives of the investors. It holds quarterly meetings with the Manager and the Trustee.

One third of the members of the committee offer themselves up for re-election at the Fund’s Annual General Meeting.

The identity of the committee members and their contact details can be found at:

https://pitch.mayfaircapital.co.uk/people/investors-committee.

Minutes from the committee meetings are available on request.

What information will I receive?

More

Investors will receive a copy of the annual audited report and accounts within four months of the end of each annual accounting period. Investors are entitled to attend the Fund’s Annual General Meeting, which is normally arranged shortly after publication of the annual accounts. The Manager publishes a quarterly Factsheet on the Fund’s website.

The annual report or another appropriate periodic report such as the quarterly Factsheets will disclose the following information (if applicable):

  • the performance of the Fund;
  • any changes to the scope of liability of the Depositary;
  • loss of a financial instrument;
  • changes to the maximum leverage that the Fund may employ and rights to reuse collateral security or other guarantees provided in connection with the leverage;
  • total leverage of the Fund;
  • new provisions concerning the liquidity management of the Fund;
  • the percentage of assets of the Fund which are illiquid and therefore subject to special rules;
  • an updated risk profile of the Fund and risk management systems used to manage the relevant risks and any changes to such risk management systems;
  • the total amount of remuneration for the financial year paid to the Trustee, Manager and other parties where relevant;
  • other disclosures required for regulatory purposes; and
  • details of any preferential treatment provided to an investor.

When will distributions be made?

More

The net income of the Fund is distributed monthly in arrears.

On request to the Administrator income may be reinvested in the Fund.

Fair Treatment of Investors

More

The Manager will always act in the best interests of the Unitholders and ensure that they are treated fairly through, inter alia:

  • meeting with the Unitholders;
  • annual and quarterly reporting;
  • the Manager engaging in active management of the Fund;
  • acting in the best interests of the Fund and the Unitholders;
  • ensuring investment decisions are in accordance with the Fund’s objectives, policy and risk profile;
  • ensuring that the interests of any group of Unitholders are not placed above the interest of any other group of Unitholders;
  • ensuring that fair, correct and transparent pricing models and valuation systems are used;
  • preventing undue costs being charged to the Fund;
  • taking all reasonable steps to avoid conflicts of interest and when they cannot be avoided, identify, monitor and manage those conflicts to prevent them adversely affecting Unitholders; and
  • recognising and dealing with complaints fairly.

Risk Factors

More

Potential investors in the Fund should be aware of the general risks of investing in commercial property, and the risks of investing in the Fund. The following is a list of some of the risks that may attach to investment in the Fund. There may be other risks that are not mentioned in this list.

Value: The properties held by the Fund are valued by the valuer. However such values are generally a matter of opinion rather than fact. The value of investments made by the Fund may go down as well as up, and an investor may not get back the full amount he has invested. It may be difficult for investors to obtain information relating to the value of their investment or to sell their investment. Rental income may decrease and may become zero if, for example, the end of the lease is reached, or the tenant goes into receivership and no new tenant is found. In such instances, there will still be costs to be borne by the Fund, e.g., insurance premiums, rates and loan interest if borrowings have been employed.

Business risks: The Fund will be subject to the usual risks of owning commercial property, including general economic conditions, uninsured calamities and other factors.

Interest rate risk: The performance of the Fund and the returns which Investors achieve may be affected adversely, either directly or indirectly, by changes in interest rates to the extent this affects any borrowings, or the property market generally.

Past performance: Past performance is not a guide to future performance and may not be repeated.

The future: Historical facts, information gained from historic experiences, present facts, circumstances and information, and assumptions, from all or any of these, are not a reliable indicator of the future. Aims, targets, plans, intentions and projections referred to in this Fund Summary are no more than that. Such forward-looking statements are not a reliable indicator of future performance.

Taxation: This document is prepared in accordance with current legislation and HMRC practice. Legislation and HMRC practice may change and its interpretation may not be correct. Any tax treatment depends on the individual circumstances of each Unitholder.

Limitations on redemptions: Although redemptions are permitted, there are limitations. Therefore investors may not be able to realise their investment through redemptions and as noted below, the market for such investments is illiquid and there is no certainty that a buyer will be available or that a particular price will be obtained.

Illiquidity: There is no established market for interests in the Fund. The investment in the Fund will not be quoted or listed.

It may be difficult to obtain reliable information on the current value of the Fund’s assets.

Conflicts of Interest: the Manager undertakes to take all reasonable steps to avoid conflicts of interest arising. Where such conflicts cannot be avoided, the Manager will identify, monitor and manage those conflicts to prevent them adversely affecting the Fund.

Limited Investors involvement: Investors in the Fund do not participate in the day-to-day management of the Fund.

Unregulated collective investment scheme: The Fund is an unregulated collective investment scheme and is suitable only for informed and experienced investors. It does not provide all of the protections normally afforded by FSMA for collective investment schemes promoted to the public.

No Compensation Scheme: No compensation scheme, or similar protections for investors, is available for Investors.

Professional Indemnity Insurance

More

The Manager holds professional indemnity insurance and maintains an amount of own funds to meet the regulatory capital requirements. The professional indemnity insurance must be:

  • be for an initial term of no less than one year;
  • have a notice period for cancellation of at least 90 days;
  • cover the requisite professional liability risks;
  • be taken out from an EU or non-EU undertaking authorised to provide professional indemnity insurance, in accordance with Union law or national law; and
  • be provided by a third party entity.

The agreed excess within the professional indemnity insurance will be met by the Manager’s own funds in addition to what the Manager holds to meet its initial capital and own funds requirements.

Data protection

More

The Manager, the Trustee and the Administrator are each committed to safeguarding any personal information provided by or on behalf of Unitholders and will hold it in confidence in accordance with the Data Protection Act 1998 and the General Data Protection Regulation (GDPR) (EU) 2016/679 which came into force on 25 May 2018. Full details of the Manager’s privacy policy are set out at:

https://pitch.mayfaircapital.co.uk/privacy-policy

Important Information

More

This document (“Fund Summary “) is issued by the Manager and relates to an offer to subscribe for Units in the Fund. The Manager is only acting for, and will only provide services to, the Fund (acting through its Trustee) and is not responsible for advising or providing any other investment services to recipients of this Fund Summary or any other person, or for providing them with the protections afforded to clients of the Manager under the FCA’s rules.

Prospective investors must rely on their own examination of the legal, taxation, financial and other consequences of applying for, holding and disposing of Units including the risks involved. Prospective investors should not treat the contents of this Fund Summary as advice relating to legal, taxation or other matters and, if in any doubt about an investment in the Fund, its suitability, or what action should be taken, should consult a person authorised under the FSMA and qualified to advise on investments in unregulated collective investment schemes.

The Fund is not a common investment fund which is regulated by the Charity Commission. An investor should seek its own advice with regard to an investment in the Fund.

The Fund is not authorised for the purposes of FSMA or otherwise approved by the FCA. As an unregulated scheme, the Fund cannot be marketed in the UK to the general public. This Fund Summary has been prepared as a financial promotion for regulatory purposes by the Manager for distribution to the persons mentioned in this section, and this Fund Summary may be issued or distributed in the United Kingdom by an “authorised person” (as defined in FSMA) only in circumstances in which it is exempt from the general restriction imposed on authorised persons on the promotion of unregulated collective investment schemes under section 238 FSMA.

This Fund Summary is only directed at and may only be communicated or caused to be communicated to:

  • Persons outside the United Kingdom in accordance with Article 8 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001, as amended (“PCIS Order”) which is directed (whether from inside or outside the United Kingdom) only at persons outside the United Kingdom; or
  • Persons who qualify as “Investment Professionals” under Article 14(5) of the PCIS Order; or
  • Persons who are high net worth companies, unincorporated associations or the trustee of a high value trust as defined in Article 22(5) of the PCIS Order. To qualify for this exemption, bodies corporate must have a called-up share capital or ne asset value of £5 million (or £500,000 if it or its parent company has more than 20 shareholders); unincorporated associations and partnerships must have net assets of at least £5 million; “high value trust” is one where the aggregate value of the trust’s assets (before deduction of liabilities) is £10 million or more or has been £10 million or more at any time during the year immediately preceding receipt of this Fund Summary; or
  • Persons who qualify as “Certified Sophisticated Investors” as defined in article 23 of the PCIS Order, being a person (the “investor”) with a certificate signed by an authorised person (such as a financial adviser) which confirms that the investor is sufficiently knowledgeable to understand the risks associated with participating in unregulated schemes, and where the investor has signed a statement in a form substantially as set out in Article 23(1)(b) of the the PCIS Order; or
  • Any other person to whom it may otherwise lawfully be communicated, including, where the communicator is an authorised person, those persons listed as exempt in Chapter 4.12, ‘Restrictions on the Promotion of Non-Mainstream Pooled Investments’, in the FCA’s Conduct of Business Sourcebook (each such person being an “Exempt Person”).

In accordance with a waiver granted by the FCA the restrictions in Chapter 4.12.3 do not apply provided that the recipient of the promotion is a person who is eligible to participate or invest in an arrangement constituted under section 96 or 100 of the Charities Act (2011) or section 25 of the Charities Act (Northern Ireland) 1964.

The Fund is only available for investment by Exempt Persons. By accepting and not immediately returning this Fund Summary, recipients in the UK warrant that they are an Exempt Person. If you do not have professional experience in matters relating to investments or are not an Exempt Person, you should not rely on this document. Buying the Units to which this document relates may expose an individual to a significant risk of losing all of the amount invested. If you are in any doubt about the investment to which this document relates you should consult an authorised person that specialises in advising on investments.

Recipients of this Fund Summary may not forward or distribute copies of it to any person, with the exception of any recipients who are authorised persons under the FSMA who may forward or distribute copies of it as permitted by and in accordance with rules issued by the FCA under FSMA.

The distribution of this Fund Summary and the offering of Units may be restricted or inappropriate in certain jurisdictions. It is the responsibility of any person in possession of this Fund Summary and any persons wishing to apply for Units pursuant to this Fund Summary to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdictions.

This Fund Summary does not constitute an offer or solicitation by or to anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified so to do or to anyone to whom it is unlawful to make such an offer or solicitation. The attention of prospective investors is drawn to the fact that the Fund is likely to exist on a long-term basis and Units in the Fund will not be quoted on any recognised or designated investment exchange and, accordingly, there will not be an established or ready market in them. Units may only be redeemed in certain circumstances and this may be limited in certain circumstances and so investment in the Fund will therefore not be easily realisable.

Statements and projections made in this Fund Summary are based on the interpretation of law and practice in force in the United Kingdom as at the date hereof and are subject to changes in those laws and practice.

No person is or has been authorised in connection with the Fund and the Units to give any information or to make any representation not contained in this Fund Summary and, if given or made, such information or representation must not be relied upon as having been authorised by or on behalf of Mayfair Capital Investment Management Limited (“Mayfair Capital”).

This Fund Summary contains certain summarised information from the Trust Deed which governs the Fund. Such summarised information is not definitive and should not be relied upon. Reference should be made to the Trust Deed in all such cases.

Neither Mayfair Capital nor any of its associates, directors, employees, partners or advisers makes any express or implied representation or warranty as to the accuracy or completeness of the Fund Summary, nor is any such person under any obligation to update the Fund Summary or correct any inaccuracies or omissions in it which may exist or become apparent. Notwithstanding anything to the contrary in this Important Information notice, liability for any statement, representation or warranty made fraudulently shall not be limited.

The Trustee has not separately verified the information contained in this Fund Summary. The Trustee does not make any representation, warranty, or undertaking, express or implied, and no responsibility is accepted by it for the accuracy or completeness of any information contained in this Fund Summary or any other information supplied in connection with the Fund.

Prospective investors should note that most of the protections under FSMA do not apply to the Fund and that neither the Financial Ombudsman’s Scheme nor compensation under the Financial Services Compensation Scheme may be available to investors in the Fund.

Mayfair Capital is authorised and regulated by the Financial Conduct Authority. It is entered into the FCA’s register (https://register.fca.org.uk) with number 229228.

Investment in the Fund carries risk and investors could lose the whole of their investment. There can be no assurance that the investment objective will be achieved and investment results may vary over time. Investment in the Fund may not be suitable as a short-term investment. The Fund is not intended to be a complete investment programme for any investor. Prospective investors should carefully consider whether an investment in the Fund is suitable for them in light of their circumstances and financial resources. Your attention is drawn to the section headed “Risk factors” (above).

Contact us

For administration information, please contact:
Sophie Capener-James at
Sanne Group
Telephone +44(0) 203 9748 060 

For investor information, please contact:
James Lloyd and
Deanna Oyin-Adeniji

Terms & conditions

This website is not suitable for retail clients

Information on this Site

The information on this website ("Information") is issued by Mayfair Capital Investment Management Limited ("Mayfair Capital"), a company incorporated in England and Wales under number 04846209, authorised and regulated by the Financial Conduct Authority ("FCA") with FRN 229228 and its registered office is at 55 Wells Street, London, W1T 3PT.

The Information is not directed at any person in any jurisdiction where it is illegal or unlawful to distribute, access and use such information or where such distribution, access or use would subject Mayfair Capital to any registration requirements within such jurisdiction. Mayfair Capital disclaims all responsibility if you access or download any Information in breach of any law or regulation of the country in which you reside.

The Information is not directed at any person in the United States and this site is not intended to be used by any person in the United States unless those persons are existing investors in funds managed by Mayfair Capital and they have applicable US exemptions.

Accordingly, all persons who access this site are required to inform themselves of and to comply with all applicable sales restrictions in their home country.

No Liability

Whilst all reasonable steps have been taken to ensure the accuracy and completeness of the Information, no representation, warranty or undertaking is given as to the accuracy or completeness of the Information by Mayfair Capital or any of its associated companies and no liability is accepted by such persons for the accuracy or completeness of such Information. In no event will Mayfair Capital or any of its associated companies be liable to any person for any direct, indirect, special or consequential damages arising out of any use of the Information, or on any other hyper-linked site, including, without limitation, any lost profits, business interruption, loss of programs or data on your equipment, or otherwise, even if Mayfair Capital is expressly advised of the possibility or likelihood of such damages. This does not exclude or restrict any duty or liability that Mayfair Capital has to its customers under the regulatory system in the United Kingdom.

You should be aware that the Internet is not a completely reliable transmission medium and access to and use of this website is at your own risk. Mayfair Capital does not accept any liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to any direct, indirect or consequential damage, arising out of the use of the products or services referred to herein. Furthermore, we accept no liability in respect of losses or damages arising out of changes made to the content of the website by unauthorised third parties. This does not exclude or restrict any duty or liability that Mayfair Capital has to its customers under the regulatory system in the United Kingdom.

Indemnity

You agree to indemnify, defend, and hold harmless Mayfair Capital, its affiliates and licensors, and the directors, officers, employees, and agents of Mayfair Capital and its affiliates and licensors, from and against any and all claims, liabilities, damages, losses, or expenses, including legal fees and costs, arising out of or in any way connected with your access to or use of this website and the Information.

Risk Factors

The value of investments may go down as well as up, and investors may not get back all or any amount originally invested. Income or other returns from investments are subject to change and may be lower than estimated. Past performance is not a reliable indicator of future performance.

Mayfair Capital manages funds which invest in real property and which may be subject to higher risk and volatility than other funds and may not be suitable for all investors. Further, the funds may be leveraged and their portfolios may lack diversification thereby increasing the risk of loss.

The levels and bases of and reliefs from taxation may change. Any tax reliefs referred to are those currently available and their value depends on the circumstances of the individual investor. Investors should consult their own tax adviser in order to understand any applicable tax consequences.

Copyright, Trademarks and Other Rights

Copyright, trademarks, database rights, patents and all similar rights in this site and the information contained in it are owned by Mayfair Capital, its licensors or relevant third party providers. You may use the Information and reproduce it in hard copy for your personal reference only. The Information may not otherwise be reproduced, distributed, stored or transmitted without Mayfair Capital's written consent. Nothing on this site should be considered as granting any licence or right under any trademark of Mayfair Capital or any third party.

Accuracy of Information

The Information (including any expression of opinion or forecast) has been obtained from, or is based on, sources believed by Mayfair Capital to be reliable, but is not guaranteed as to its accuracy or completeness and should not be relied upon. The Information is provided without obligation on the part of Mayfair Capital and on the understanding that any person who acts upon it or changes his investment position in reliance on it does so entirely at his own risk. The Information does not constitute an offer to buy or sell or an invitation to make an offer to buy or sell shares, units or interests in any investment fund referred to herein.

Information is current only as at the date it is first posted and may no longer be true or complete when viewed by you. All Information may be changed or amended without prior notice although Mayfair Capital does not undertake to update this site regularly. Mayfair Capital shall not be obliged to remove any outdated information from the website or to expressly mark it as being outdated.

No Advice

The Information is provided for information purposes only and on the basis that you make your own investment decisions and do not rely upon it. Mayfair Capital is not soliciting any action based on it and it does not constitute a personal recommendation or investment advice. Should you have any queries about the investment funds referred to on this site, you should contact your financial adviser.

Internet e-mail

Messages sent over the Internet cannot be guaranteed to be completely secure. They could be intercepted, lost or possibly altered. Mayfair Capital cannot and will not take responsibility for this, and will not be liable to you or anyone else for any damages or otherwise, in connection with any message sent, either by you to Mayfair Capital, or by Mayfair Capital to you, over the Internet.

Sales Restrictions

United Kingdom: the funds referred to on this site are not recognised collective investment schemes for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the "Act"). The promotion of such funds and the distribution of offering materials in relation to such funds in the United Kingdom is accordingly restricted by law.

The information contained on this site is directed only at persons to whom unregulated funds may lawfully be promoted by a person authorised under the Act (an "authorised person"), by virtue of Section 238(5) or (6) of the Act. Promotion of these schemes will only therefore be made to recipients who have been assessed by the firm to fall into an applicable provision of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes)(Exemptions) Order 2001 or a category within Chapter 4.12 of the FCA Conduct of Business Sourcebook (COBS). Information must not be relied or acted upon by any other persons.

The funds referred to on this site are not regulated under the UK's financial services regulations and investors in those funds will not benefit from the rules and regulations made under the Act for the protection of investors as would apply to authorised schemes, or from the Financial Services Compensation Scheme.

An application for shares, units or interests in any of the funds referred to on this site should only be made having read fully the relevant prospectus and other fund documents.

Material Interests

Mayfair Capital and its directors, officers and/or employees may have holdings in the funds referred to on this site and may otherwise be interested in transactions that you effect in those funds.

Linked Websites

This site may be linked to third party websites or contain information provided by third parties. These links are provided only as a convenience. Mayfair Capital does not make any representation as to the accuracy or completeness of such websites or information, has not and will not review or update such websites or information. You acknowledge and agree that, as you have chosen to enter the linked website, use made of such websites or information is at your own risk. Mayfair Capital does not accept any liability arising out of the information contained on any linked website or information provided by a third party and the use of such sites and information is at your own risk. This does not exclude or restrict any duty or liability that Mayfair Capital has to its customers under the regulatory system in the United Kingdom. You should also be aware that the terms and conditions of such website and the website's statement relating to the collection and use of your personal information may be different from those applicable to your use of this website

Governing Law

You agree that your use of this site and any dispute arising from the use of this site is subject to English law and you submit to the jurisdiction of the English courts.

Privacy policy

This policy is issued by Mayfair Capital Investment Management Limited ("Mayfair Capital"), a company incorporated in England and Wales under number 04846209, authorised and regulated by the Financial Conduct Authority ("FCA") with FRN 229228 and its registered office is at 55 Wells Street, London, W1T 3PT.

This policy summarises how Mayfair Capital use, share and store the data collected from you when you visit Mayfair Capital's website or associated fund website, when you become an investor in a fund managed by Mayfair Capital, when you become a tenant in a property owned by one of our funds or when you apply for a job with Mayfair Capital. This privacy policy applies to Mayfair Capital's site and all products and services offered by Mayfair Capital and by entering our site you are agreeing to the policies described herein.

Mayfair Capital is committed to safeguarding the personal information which you may provide to us and to the extent that Mayfair Capital collects any personal information, Mayfair Capital will hold it in confidence in accordance with the Data Protection Act 1998 and the General Data Protection Regulation (GDPR) (EU) 2016/679 which came into force on 25 May 2018.

Information you share with us

You may be asked to voluntarily provide certain personal information details about you such as your name, address, telephone number, email address and other information in connection with Mayfair Capital's customer or tenant registration procedures and job application process. Mayfair Capital will use this information for the administration and servicing of your investments, performing its obligations under lease contracts, evaluating job applications and other related activities and to ensure compliance with its obligations under the UK regulatory regime. Mayfair Capital may disclose the information to its agents and service providers.

Please note that by submitting personal information you are consenting to such information being processed for the purposes referred to above. You agree that Mayfair Capital has the right to use and store such data on its internal systems and to transfer it to its associated companies and third- party agents and service providers where applicable, whether inside or outside the European Union to countries having an adequate level of data protection.

Information we collect from you

The Mayfair Capital site collects both behavioural data (information about how you use our site); and technical data (information about the device you use to access our site). Mayfair Capital uses the Google Analytics service provided by Google Inc. (“Google”) to collect this data.

Examples of behavioural data collected:

  • Terms entered via our search facility
  • Pages visited
  • Length of time spent on each page
  • The referring site from which you visited

Examples of technical data collected:

  • Your web browser type and version
  • Your device type and operating system

The site does not collect any data that makes you personally identifiable. The information obtained via Google Analytics is anonymised and cannot be attributed to any one individual. Google Analytics is set to retain data for a duration of 38 months.

Google provides a method to opt out of their Google Analytics service completely. Opting out will prevent Google Analytics from collecting your data from any site that uses their service.

Why we collect this information

This information provides us with a better understanding of how our site is being used. This understanding informs any improvements we undertake and ensures that the site and its content continue to best serve the needs of our visitors.

How we keep data safe

Mayfair Capital adheres to the following practices to help keep the data that we process safe:

  • We encrypt and protect the transmission of information using Secure Sockets Layer (SSL).
  • We host our site and its contents with Amazon Web Services (AWS) on a secure server within the European Economic Area (EEA).
  • We limit server access by Internet Protocol (IP) address to only those that require it.
  • We have a server firewall in place that permits only standard inbound internet traffic – HTTP, HTTPS & SSH (restricted by IP).
  • We control and regulate access to our Mayfair Capital data files and email accounts.
  • We enforce strong passwords and 2 factor authentication (2FA) wherever possible.

Cookies

We use cookies and similar technologies to offer you a better browsing experience, analyse site traffic and personalise content. Continuing to use our site will imply that you consent to our use of cookies. Please refer to our cookie policy for further information.

Provision of Information to Third Parties

A Data Processor is a third party with which we are required to share personal detail in the provision of investment and property management services. Mayfair Capital will only share personal information in the following circumstances:

  • where the transfer is necessary to fulfil the requirements of the contract or operation for which the information was provided, and the third party is a Data Processor;
  • as required by a court order or any other legal or regulatory requirement.

Mayfair Capital does not collect or compile personal data or information obtained through the Website for dissemination or sale to outside parties.

We may share your personal information with third party organisations:

  • Professional firms, agents and advisers who we use to help run your accounts and services, collect what you owe, administer funds, manage properties and explore new ways of doing business;
  • HM Revenue & Customs, regulators and other authorities;
  • Third parties as required through Mayfair Capital’s regulatory requirements arising from the provision of investment services;
  • Fraud prevention agencies;
  • Companies we have a joint venture or agreement to co-operate with;
  • Companies within the Swiss Life group
  • Organisations that introduce you to us;
  • Independent Financial Advisors, or other regulated entities or parties involved in the management of your relationship with Mayfair Capital; or
  • Companies you ask us to share your data with.

We require all third parties with whom we share your personal information to respect the security of your data and to treat it in accordance with the law. We do not allow such third parties to use your personal data for their own purposes. We only permit them to process your personal data for specified purposes and in accordance with our instructions.

Your Rights and Your Personal Data

Unless subject to an exemption under the GDPR, you have the following rights with respect to your personal data:

  • The right to request a copy of your personal data which Mayfair Capital holds about you;
  • The right to request that Mayfair Capital corrects any personal data if it is found to be inaccurate or out of date;
  • The right to request your personal data is erased where it is no longer necessary for Mayfair Capital to retain such data;
  • The right to withdraw your consent to the processing at any time;
  • The right to request that Mayfair Capital provide the data subject with his/her personal data and where possible, to transmit that data directly to another data controller, (known as the right to data portability);
  • The right, where there is a dispute in relation to the accuracy or processing of your personal data, to request a restriction is placed on further processing;
  • The right to object to the processing of personal data;
  • The right to lodge a complaint with the Information Commissioners Office.

How long we keep your Data

We are required under the Markets in Financial Instruments Directive II (MIFID II) rules to retain all client related information for up to 7 years, after which time it will be destroyed. Personal information that we use for marketing purposes will be kept with us until you notify us that you no longer wish to receive this information. After you stop being a client, we may keep your data for up to 7 years for one of these reasons:

  • To respond to any questions or complaints;
  • To show that we treated you fairly; or
  • To maintain records according to rules that apply to us.

CVs in respect of unsuccessful applicants are deleted promptly following completion of the job application process.

Marketing

We may use your personal information to tell you about relevant products and offers. This is what we mean when we talk about ‘marketing’.

The personal information we have for you is made up of what you tell us, and data we collect when you use our services, or from third parties we work with.

We study this to form a view on what we think you may want or need, or what may be of interest to you. This is how we decide which products, services and offers may be relevant for you.  We can only use your personal information to send you marketing messages if we have either your consent or a ‘legitimate interest’. That is when we have a business or commercial reason to use your information. It must not unfairly go against what is right and best for you.  You can ask us to stop sending you marketing messages by contacting us at any time. If at any point you believe the information we process on you is incorrect you can request to see this information and have it corrected or deleted. If you wish to raise a complaint on how we have handled your personal data, you can contact us on the details below to have the matter investigated.

Privacy policy changes

We may update this privacy policy from time to time in order to reflect, for example, changes to our practices or for other operational, legal or regulatory reasons. For clarity, we shall include the date of the most recent revision at the bottom of the page. The amended privacy policy shall be effective as from that date. We therefore recommend that you refer back to this periodically.

Your rights

If you are a European resident, you have the right to access personal information we hold about you and to ask that your personal information be corrected, updated, or deleted. If you would like to exercise this right, please contact us through the contact information below.

Data controller

For the purpose of the Data Protection Act (1998) and the General Data Protection Regulations (GDPR) (EU) 2016/679 the Data Controller is Mayfair Capital Investment Management Limited.

Contact us

Mayfair Capital is not required to appoint a Data Protection Officer. For more information about our privacy policies or if you have any questions, we welcome your comments. Please contact us at info@mayfaircapital.co.uk, by telephone 020 7495 1929 or by mail:

Mayfair Capital Investment Management Limited
55 Wells Street,
London,
W1T 3PT

Last updated: 3 July 2019

Cookie policy

Mayfair Capital use cookies and other similar technologies to improve your experience of our site. This policy refers to cookies used by sites utilising the mayfaircapital.co.uk domain name. For example, www.mayfaircapital.co.uk, pitch.mayfaircapital.co.uk.

What are cookies?

Cookies are text files containing small amounts of information which are downloaded to your device when you visit our site. Cookies are sent back from your browser to our site on each subsequent visit, or to another site that recognises that cookie. Cookies allow us to recognise and distinguish between the different users and devices that visit our site.

Cookies perform many different tasks, such as letting you navigate between pages efficiently, remembering your preferences or improving the browsing experience.

For more information about cookies please visit:

Types of cookies used

We use the following cookies on our site:

Analytics cookies

Analytics cookies collect information about how visitors use our site, for instance which pages they access most often or the frequency of their visits. This information provides us with a better understanding of how our site is being used.

Our site uses the Google Analytics service provided by Google Inc. (“Google”). The information obtained via Google Analytics is anonymised and cannot be attributed to any one individual. Google provides further information on how Google Analytics uses cookies and also provides a method to opt out of Google Analytics completely.

Functionality cookies

Functionality cookies allow us to remember your saved preferences and therefore provide enhanced, more personal features. The information these cookies collect is anonymised and cannot track your browsing activity on other sites.

First party cookies

First party cookies are set by our mayfaircapital.co.uk domain rather than the domain of a third party. This allows us to closely control the data they collect.

Third party cookies

Third party cookies are set by a domain other than mayfaircapital.co.uk. For example, we use Google Maps to display the location of our office on our contact page. On visiting the page Google sets a third party cookie on your device so that it can determine if you are an authenticated Google account holder. If so, Google will customise the map accordingly.

Persistent cookies

Persistent cookies are those which remain on your computer or device for a predetermined duration and are activated each time you visit our site.

Privacy

We have carefully chosen the cookies used on our site and have taken steps to ensure that your privacy and personal data is protected and respected at all times.

We may include links on our site to external sites (through our News articles for example). Please note that we cannot be responsible or liable for how these sites use cookies and process your personal data. We would recommend looking at the privacy & cookie policies of these sites for further information.

For more details of the personal data that we collect and use, the measures we have in place to protect personal data, your legal rights, and our legal obligations, please refer to our privacy policy.

How can I change my cookie settings?

Most internet browsers are set to allow cookies by default though it is possible to change this setting and also remove any unwanted cookies via your browser preferences. Please note that some elements of our site may not work as expected should you disable cookies prior to visiting or remove any existing cookies once set.

The links below provide instructions on how to control Cookies in all the major browsers:

Please refer to your device’s documentation for manufacturers’ own browsers.

Changes to this cookie policy

We may amend this Cookie Policy at any time. Any changes to this policy will apply on your first visit to our site after the change has been made. You are therefore advised to check this page periodically. In the event of any conflict between the current version of this policy and any previous version – the current version has precedence unless it is expressly stated otherwise.

Further information

If you would like to know more about how we use cookies, we welcome your comments and questions. Please contact us at info@mayfaircapital.co.uk, by telephone on 020 7495 1929 or by post at Mayfair Capital Investment Management Limited, 55 Wells Street, London, W1T 3PT.

Last updated: 3 July 2019