The Property Income Trust for Charities, the first property unit trust aimed at the sector, has made its first four acquisitions.
The trust, which was launched in October last year, has bought two business parks, offices and an industrial estate. They are worth £15m in total.
Fund managers say the distribution yield to investors from the purchase of the properties is more than 7 per cent.
The trust has now raised £12m in equity from 35 charity investors, including the National Trust for Scotland and Liverpool University.
James Thornton, fund director at Mayfair Capital Partners, owner of the trust, said: "We are attracting equity from a range of charity investors and their advisers seeking to diversify their investment portfolios into commercial property. With the removal of tax credits on equity dividends reducing some of the attraction of equities and the low yields available from bonds, property remains an attractive source of income to charities."