Swiss Life divests Doncaster warehouse for €34m

Swiss Life Asset Managers UK, acting for its Property Income Trust for Charities (PITCH) fund, has sold a distribution warehouse in Doncaster for £29.2 mln (€34.4 mln). 

Logistics

The 2002-built property at Trax Park, leased to Wincanton until 2027, was acquired by Swiss Life AM UK in 2014 as part of a strategic £100 mln (€115.7 mln) investment in logistics.
This early move into the warehouse sector proved beneficial, contributing to the fund's strong performance and outperforming the market index over ten years. The Doncaster property specifically saw significant rental growth, exceeding inflation, and achieved an impressive 10% annual internal rate of return (IRR) since its acquisition.
The sale allows PITCH to reinvest in newer, multi-tenanted properties, diversifying its portfolio and aligning with evolving occupational trends. This strategy supports the fund's continued focus on high-growth sectors like warehousing and residential, which are currently experiencing rental growth beyond inflation. With a disciplined asset management approach, the portfolio delivered an 8.2% return in the 12 months to Q2 2025, outperforming the market by 140 basis points.
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.”