The corporate strategy is to acquire real estate, real estate related opportunities and asset rich companies where active corporate, asset and financial management is expected to enhance both income and capital returns thereby increasing earnings and asset value.

Over the past twelve years numerous special purpose vehicles have been established to acquire real estate portfolios ranging in size from £12 million to £450 million. The acquisitions of individual real estate opportunities have ranged in capital sizes down to £2 million. Investment opportunities are usually held and actively managed for between three and seven years. A key element of Moorfield Group's asset management strategy is for each property to have its own fully appraised business plan to focus upon real estate and financial management opportunities thereby identifying where to 'add value' and enhance income and capital returns.

Moorfield takes a very active approach to asset management. At least two of Moorfield’s asset management professionals are involved in the due diligence and underwriting phase of acquisition, as such, the implementation of a business plan for each asset is a seamless process.

On acquisition, the implementation of the business plan becomes the responsibility of two Moorfield asset managers and they will act as ‘lead and wing man’ for each investment. The asset managers act as project managers by assembling and directing a team of leading real estate professionals such as, leasing agents, rent review and rating specialists, architects and planning consultants and any others that are either specialists in a particular real estate sector or geographic market and are required for the task. The Moorfield asset managers are in constant communication with this team and meet frequently and regularly to ensure that all the business plan initiatives are addressed and implemented in a timely manner. Moorfield works diligently to instil a sense of ownership and pride among the appointed team for each asset and takes a highly involved and proactive approach when implementing business plans.

Moorfield’s asset managers also take a very active role in tenant relations, with a goal of meeting every tenant within the first two weeks of the acquisition of a new investment. This active, hands-on role has resulted in stronger relationships with tenants, and has led to better results when negotiating lease renewals and other value-enhancing activities where tenant involvement is required.

Moorfield also ensures it has a relationship with Local Authority Officers (planning etc) and local politicians and various other relevant representatives of bodies and groups that are of import to the success of any investment.

Moorfield believes that a business plan should be considered a tool by which to maximise value and returns and should be continually appraised and updated changing it where necessary to suit market conditions and circumstance.

Moorfield’s acquisition professionals are also their sales professionals. Whether a sale results from a Moorfield initiative or as a result of an approach from a potential purchaser, the sales team leader will work with the two asset managers who have been responsible for the business plan implementation. The asset managers will provide the majority of the information needed for the purchaser’s due diligence. If possible, the professional team previously appointed to purchase the investment for Moorfield will be appointed again on the sale. Knowledge of the investment improves deal efficiency, including both time and cost.

Moorfield will use various methods of asset sale, including, sole or multiple agent private treaty, ‘off-market’ to a special purchaser, open and closed tender and public auction. There is also the possibility of sale through the capital markets, such as IPO, securitisation, corporate/unit trust (on and off-shore) formation or trade sale.

Arundel Great Court

Birmingham New Street

Capitol Shopping Centre, Cardiff

Cathedral Square - Newcastle

Cornmill Shopping Centre, Darlington

Domain

Heywood Distribution Park

Kembrey Park

Kew Green Hotels

Loughborough - Student Development

Mercure Hotels - Regional Hotel Portfolio

Moorfield Capital Partners Real Estate Portfolio

Moorstone – Real Estate Portfolio

Newbury Business Park

The Reach Residential Scheme (“The Reach”)

The Ridings Shopping Centre, Wakefield

Shearings - Regional Hotel Portfolio

Westway Park

Winchester - Student Development

Woodside

Yorkshire House

• Acquired in October 1997 for £94.7 million (including costs)
• Equity shared between Blackstone Real Estate Advisors and Moorfield in ratio of 75/25 respectively
• £80m acquisition debt facility provided by Lehman Brothers, later increased to £94m for purpose of capital expenditure
• Ownership through Delaware Limited Liability Partnership
• 316,000 sq ft of offices (and a 150 bed five star hotel) on a 2.7 acre site
• On purchase AGC was let to Arthur Anderson (AA) on a number of leases expiring in 2002 and 2012. In March 1999 AA signed 5 new 20 year 'institutional' leases together with an Agreement to Lease on a 36,000 sq ft building to be developed within the AGC complex, and a complete redesign of the front entrance to the building
• The property was sold in December 2000 for £145m. IRR on the investment was 43% p.a., and it produced a gross equity multiple of 3.0 X

• Property comprises 5 retail units and 5 floors of offices totalling 30,000 sq ft, located in a 70% pitch within the pedestrianised area
• Acquired for £4.07m in December 1996, with income level of £328,000 p.a.
• Intensive asset management included granting a surrender on the lease of a night-club and reconfiguring to create two A2 retail units, lease re-gearing extending all the retail leases beyond 15 years and a phased office refurbishment and re-letting. Refurbishment totalled £619,000
• The annualised income was increased to £547,000 p.a. upon the date of sale in October 2001, zone A's increased from £80 to £155 p.s.f. and office rents from £8 to £12.50 p.s.f.
• Total net income over the ownership period of £1.135m
• Sold for £7.3m in October 2001
  

• Cathedral Square No1 and No2 are located in the central leisure and commercial district of Newcastle upon Tyne
• The property, on an island site, comprises of approximately 72,000 sq ft of offices on 1st - 6th floors with the ground floor occupied by bars and retail outlets
• The long leasehold investment, which was acquired for circa £3M in March 1999 from Royal and Sun Alliance, was distressed and in need of an active asset enhancement strategy
• The leases on the majority of the offices expired in December 2001 and during 2002 reducing the income from £700,000 p.a. to £150,000 p.a. Major capital expenditure was required to refurbish the offices to a full modern office specification including air conditioning
• The refurbishment of No 2 Cathedral Square, totalling 33,000 sq ft was completed in April 2002. The works included the creation of a new enlarged glazed reception area following the acquisition of various pavement areas from the Council
• No 1 Cathedral Square, measuring approximately 35,000 sq ft was extensively refurbished and let on a new 15 year lease to the Department for Work and Pensions
• Planning consent was achieved for a new piazza at the front of the building overlooking the Cathedral which considerably enhances the visual amenity of the area
• Successful negotiations with Newcastle City Council were concluded to buy out their freehold interest in the property
• Sold to Catalyst in March 2005 for £17.4 million

• Acquired in November 2005
• Prime retailing location with 2 entrances onto Queen Street, the prime pedestrianised retail pitch
• c. 165,300 sq ft (15,356 sq m) of retail accommodation over 2 floors
• Over 10.5 million tourists annually (PROMIS)
• Cardiff has a primary catchment of 913,000 ranking is 7th out of the PROMIS Centres
• Numerous Asset Management and development opportunities to increase the revenue
• 420 integral car parking spaces – one of the most popular car parks in Cardiff
• Zone A rates in the centre ranged between £22.50 and £180 per sq ft on acquisition
• c.74% of the current income secured to National Multiple retailers and c.64% of the current income secured for greater than 10 years
• The number one shopping centre in the city (St Davids Centre) is due to complete an extension (a pre-let to the major retail occupier “John Lewis”) in 2008 which will create an uplift in rental value tone throughout the City, effectively increasing the catchment population.

• Acquired in December 2006 for £84.5 million
• Dominant covered shopping centre forming prime pitch
• Anchored by a new 38,475sq ft ‘Primark’ Store
• 221,096 sq ft of retail accommodation over two floors
• Adjoining 402 space car park anchored by ‘TK Maxx’
• Numerous asset management and development opportunities to increase the income stream
• Primary retail catchment population of 292,000
• Annual footfall for 2006 in excess of 6.5 million people, a yearly increase of over 20%
• Significant town centre improvements underway including the pedestrianisation of the High street

• Property totalling 202 acres was acquired in June 2003 at a price of £126.5 million (including costs) from Ropemaker Properties, the property nominee of the BP Pension Fund
• Acquired by a special purpose vehicle established by Moorfield Group, Uberior Ventures Ltd (a subsidiary of Bank of Scotland) and Westbrook Partners
• Senior debt facility of £93.6 Million provided by Bank of Scotland Corporate Banking
• The Park has over 2.6 million sq ft of industrial and distribution accommodation with units ranging from 3,500 sq ft up to a total of 600,000 sq ft. Major occupiers include Littlewoods, Argos, JD Sports Kuehue and Nagle and JD Williams. The site cover was very low at 35% and hence the capacity for an additional 1 million sq ft.
• Vacant accommodation on acquisition was 255,169 sq ft in various unit sizes
• The business plan reflected proactive marketing of vacant units following major refurbishment projects, securing occupants significant design and build opportunities and establishing Heywood as the premier park within the North West.
• Additional amenity facilities provided. A new convenience store was developed with lettings to Greggs the Bakers and Aleef Convenience Stores, including cash point facilities
• Secured by design accreditation - 24 hour, CCTV, 2.4m high perimeter fencing of complete site
• Successful launch of new brand and marketing material
• Detailed negotiations with Rochdale council and the Highways agency resulted in the successful agreement of a new site masterplan facilitating a further 1 million sq ft of development. Planning consent was granted for Phase 1, the development of a total of 600,000 sq ft on 2 sites.
• Total lettings during the period of ownership were circa 850,000 sq ft. The letting of the Hub to Next Group was one of the largest lettings in the North West during 2005. The Hub, which measures 500,000 sq ft, was let at a rent of £3.25 psf.
• Sold to Slough Estates in June 2005, together with Woodside, Dunstable

• Property acquired in March 1999 for circa £40 million as part of structured purchase from Royal & Sun Alliance
• Prestigious and well established (but declining) business park providing high quality modern office, warehouse and light industrial accommodation totalling in excess of 700,000 sq ft
• Total site comprises over 55 acres including significant development land for further business, hotel and leisure opportunities
• Notable occupiers include National Semi-Conductors (UK) Ltd, Royal & SunAlliance, Thames Water, Jewson, The National Trust and Honda Trading
• Intensive asset management included significant lettings and lease renewals relating to over 150,000 sq ft
• Transactions concluded with large number of existing and new occupiers including The National Trust, Cellular Operations, Rowen Corporate Relocation, National Semi-Conductor, Equimedia and Honda Trading
• Implementation of planned maintenance and refurbishment programme for individual phases of park
• Over £1.5 million expended on enlarging and improving park by strategic land purchases and conclusion of negotiations with Local authority for the removal of major restrictive covenants effecting future development sites
• Planning obtained for mixed use Business and Leisure scheme of 120,000 sq ft on strategic 8-acre site to enhance frontage and entrance to park
• Long lease sold to Whitbread to develop a 50 bed Travel Inn Hotel and Brewsters family pub diner on 1.7 acres of this site as part of a structured agreement
• Negotiations advanced for the provision of a nursery providing a registration of up to 100 places
• 17,500 sq ft premises design and build agreement completed for Jewsons
• Long lease sold to Next Generation to provide major Health and Fitness facility on the 5 acre development site know as the Grove
• The 6 acre development site positioned at the centre of Kembrey Park was cleared of all redundant buildings and provides further opportunities for phased development to provide further business space
• Advanced discussions with a well established innovation centre operator to develop a new facility at Kembrey Park to accommodate and promote start up businesses and SME’s
• Improved amenities with a lease to O’Briens Irish Sandwich Bar, fully operational on site and proving a successful addition to the Park after its launch in November 2003
• Sold to Highcross Strategic Investors in March 2005 for £44 million excluding proceeds from Whitbread and New Generation lease sales

• A site in Baxtergate, Loughborough was acquired in January 2006
• Loughborough University has an international reputation for sports science and for the development of sporting excellence and sports participation. It has over 15,000 students of which 12,000 are full-time
• The intention is to regenerate with a significant mixed use town centre scheme retaining elements of the exisitng buildings, but primarily by the creation of a new build development
• Planning permission is being sought for a student & key worker accommodation scheme with approximately 600 rooms

• Located 2 miles from Newbury city centre, just off junction 13 of the M4
• Property totaling 17.3 acres was acquired in March 2005 for £47.5 from REIT asset management
• Acquired by a limited partnership established by Moorfield Group
• Senior debt facility of £35 million provided by HVB Real Estate
• The park has 260,000 sq ft of office accommodation with units ranging from 4,000 sq ft to 60,000 sq ft. Occupiers include Vodafone, Coors Brewers Ltd, Enterasys Networks UK Ltd, Euroquipment Ltd and Mentor Graphics
• Newbury Business Park offers tenants a wide variety of office accommodation in a secure environment
• A fully appraised business plan has been established to improve the Park from both an occupiers and owners perspective, including refurbishment, redevelopment and lease management
• A re-branding campaign has begun to include new signage and a website as well as marketing support for the tenants
• Rivergate House, one of the buildings on the Park, was sold in December 2005 to Morley Fund Management for £16 million

The Reach Residential Scheme (“The Reach”)

• Acquired in November 2005
• Dominant covered shopping centre forming prime pitch
• Prime retailing location with entrances off Kirkgate and Westgate, the main open pedestrianised retail pitch
• Wakefield has a primary catchment population of 275,000 ranking it 71st out of the PROMIS Centres
• c. 265,000 sq ft (24,620 sq m) of retail accommodation over 3 floors
• Numerous Asset Management and development opportunities to drive rental growth and increase revenue
• 1,100 integral car parking spaces offering 24 hour security and providing direct access to the malls
• Zone A rents in the centre range between £9.50 and £115 per sq ft
• c. 69% of the current income secured to National Multiple retailers
• The town has plans for a major pre-let scheme alongside The Ridings, which is due to complete in 2010. This will aid attempts to enhance rental value in the town. The competing scheme is being underwritten off rental values that are double the rents at The Ridings.

• Located on the west side of Glasgow, 7 miles from the city centre with direct access to M8 motorway and the nearby airport
• Property totaling 130 acres was acquired in May 2004 at a price of £46 million from Prestbury West Coast Ltd
• Acquired by special purpose vehicle WB Westway LP which is a partnership between Moorfield Group and Westbrook Partners
• Senior debt facility of £37 million provided by Bank of Scotland
• The Park has over 1.66 million sq ft of industrial, warehouse and office accommodation with units ranging from 10,000 sq ft up to 200,000 sq ft. Major occupiers include Matsui Babcock, Smurfit, Inventec and Caledonian Ferguson Timpson
• Westway offers the opportunity of appropriate site management, letting of vacant space, refurbishment/ redevelopment work and of major development on 17 acres of land within the estate, providing a further 435,000 sq ft of accommodation
• There is a proposed new bridge link directly from Westway to Glasgow airport
• A planned programme of refurbishment works has begun as well as a new marketing and re-branding campaign, incorporating fresh literature, signage and advertising

  http://www.westway-park.com

• A site in Winchester, part of the former Royal Hampshire, Hospital was acquired in December 2006
• The intention is to regenerate with a significant student & key-worker accommodation scheme
• The University of Winchester have signed a pre-let for the entire scheme
• Construction has started on site and occupation will commence from September 2009

• Property acquired in January 2003 at a price of £98.6 million (including costs) from a joint venture comprising Brixton Plc and Equitable Life Assurance Society
• Acquired by a special purpose vehicle established by Moorfield Group, Uberior Investments Plc (a subsidiary of Bank of Scotland) and Westbrook Partners
• Senior debt facility of £76 million provided by Bank of Scotland Corporate Banking
• Estate comprising some 1,600,000 sq ft of distribution/industrial accommodation on a 100-acre site, making it one of the most significant unbroken Estates in the South East of England
• Further adjacent development sites of around 10 acres were included
• The Estate had some 365,000 sq ft of vacant accommodation together with numerous opportunities for active management enhancement, thereby offering both immediate and longer term potential to increase the income and capital return
• Complete re-branding of the park successfully implemented
• The management of the estate was improved with the provision of on site management, security and installation of high quality CCTV, along with improved signage and landscaping
• Development undertaken of 17,000 sq ft of distribution and warehouse unit for Interlink PLC, part of a design and build pre-let agreement
• Completed transactions post acquisition amounted to in excess of 150,000 sq ft of new lettings and lease renewals, and included the accommodating of existing tenants expansion plans such as Bernard Matthews
• Sold to Slough Estates PLC in June 2005, together with Heywood Distribution Park

• Yorkshire House comprises of approximately 80,000 sq ft of multi let offices in the central commercial district of Leeds with restaurant and bars at street level
• The property was acquired in March 1999 for circa £8.5M from Royal and Sun Alliance
• The offices, built in the 1960's, were in need of substantial improvement and refurbishment to retain major occupiers including Lupton Fawcett Solicitors, AIG Insurance and John Gordon Walton Accountants
• Intensive asset management was undertaken which included taking surrenders of leases to assist with the expansion by Lupton Fawcett, negotiating lease expiries, refurbishing and reletting vacant suites. The tone of the rents in the building was increased from £10 psf to £14.50 p.s.f. over the period of ownership
• Planning consent for A3 on the ground floor was obtained and 5,000 sq ft was let to Whitbread PLC for 25 years at a rent close to £20 p.s.f., which was considerably in excess of the office rents
• A planning consent was obtained for a 5th floor extension and a new entrance canopy. Plans were also concluded for a major recladding of the building, installation of air conditioning, upgrade of the lifts and a general refurbishment prior to the sale
• The property was sold in March 2002 at a capital value of circa £12M