Swiss Life Asset Managers UK completes sale of warehouse in Doncaster

The property, built in 2002, comprised of two well specified warehouse units at Trax Park, adjacent to the rail freight terminal, which is currently let to Wincanton until September 2027.

The property was acquired in 2014 in line with Swiss Life Asset Managers UK’s thematic investment strategy, which saw the Property Income Trust for Charities (PITCH, or “the Fund”) invest circa £100m into logistics over a two-year period. The strategic decision to be an early mover into the warehouse sector has helped sustain the Fund’s long term overweight allocation to the sector and deliver consistent outperformance compared to the index over ten years.

This property has performed well for the Fund having seen strong rental value growth, well in excess of inflation over the period, and yield compression, with further value added through two lease renewal initiatives. As a result, the property has delivered an attractive IRR of 10% p.a. since acquisition.

This sale provides the opportunity to enhance PITCH’s positioning by enabling reinvestment into more modern and multi tenanted assets to further diversify the portfolio and align with future occupational trends. This will complement the Fund’s existing lean, focused portfolio which continues to benefit from an over-weight allocation to growth sectors such as warehousing and residential, where rental growth continues to exceed inflation. The high-quality nature of the portfolio, aided by a disciplined focus on asset management, is delivering attractive returns having achieved a 8.2% return over the 12 months to Q2 2025. This is 140 basis points ahead of the market, sitting in the upper quartile of its index.

Simon Martindale, fund director of PITCH, commented: “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.”