Finance News: Triple acquisition for property trust

The only property unit trust aimed at charities has made three more acquisitions to take its total investments to £28m.

The Property Income Trust for Charities' latest transactions have involved it acquiring office buildings in Warwick, Rosyth and Plymouth.

The fund, which has secured exemption from stamp duty from HM Revenue & Customs, also posted a return of 8.9 per cent for the first six months of 2005, according to the HSBC/ APUT Pooled Property Fund Indices.

This represented a greater return than that of the Charities Property Fund, which returned 7.1 per cent, and the COIF Property Fund, which returned 5.5 per cent.

James Thornton, director of the trust, said: "We believe the market continues to offer value for long-term investors seeking consistent income and steady capital appreciation."

KEY POINTS

- The Property Income Trust for Charities is the only property unit trust aimed at charities

- It has acquired three more properties, taking its total investments to £28m

- It has posted a return of 8.9 per cent for the first half of 2005, a superior return to the two property Common Investment Funds for charities.

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