Re-commencement of dealing in the Property Income Trust for Charities (PITCH)


PITCH Investor Update September

Dear Investor

Re-commencement of dealing in the Property Income Trust for Charities (PITCH)

We are pleased to confirm that with the approval of the Fund’s Depositary PITCH has now re-opened for dealing. At the next dealing date, 30th September 2020, bid and offer prices will be issued together with the Fund NAV. Redemptions from March will therefore be met based on the September bid price and paid out in October. New subscriptions, in the normal way, will be based on the September offer price, effective from 1st October.

PITCH is able to re-open following the removal of the ‘material uncertainty’ clause by the Fund’s independent valuer Cushman and Wakefield. Whilst uncertainty remains across the economy and property markets, transactional volumes have picked up to provide valuers with enough market evidence to provide unqualified valuations. PITCH has not been immune from some portfolio value loss but it has weathered the worst effects of the Covid-19 Crisis through its property sector positioning (its high weighting to warehouses and logistics and low weighting to retail and leisure assets) and level of cash held. 

The pandemic has been a challenging period for rent collection in some property sectors, but we are pleased to report that with the strong tenant base across the PITCH portfolio and a lack of exposure to the weakest sectors our rent collection for both Q2 and Q3 has been resilient, with c. 87% of rents collected. We have therefore continued to deliver an attractive monthly income return to investors, albeit at a lower level than in 2019. We expect income distributions to rise from here as market conditions slowly improve and we are able to collect deferred rent. 

Finally, our strong cash position allows us to look at new acquisitions as opportunities arise in the market and we have now agreed terms on a new logistics asset yielding over 5.5% to PITCH.

If you would like a more detailed update on the Fund, please contact the management team or register for our Charity Investor Webinar and PITCH update this Thursday, 24 September at 14.00 – please register here.

If you have any enquiries in respect of subscriptions or redemptions in PITCH please contact the management team at Mayfair Capital or our administrators to the Fund, Sanne UK and we will be able to help you.

With kind regards, 
James Lloyd

Head of Business Development and Marketing, Mayfair Capital
T – 020 7291 6664
E – 

P.S. Today we launch a new logo and branding for PITCH alongside a re-designed website We hope you enjoy the new look and information available on the site.


James Lloyd
+44 20 7291 6664

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Further information

If you would like to find out more about Mayfair Capital please contact James Lloyd, Head of Business Development