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Marc qualified as a Chartered Surveyor, having studied
for a BSc in Estate Management and is a Member of the Royal Institute
of Chartered Surveyors (RICS) together with a Policy Committee Member
of the British Property Federation (BPF).
He has worked for Gerald Eve & Company, where he had
a variety of responsibilities including valuation, planning, rent reviews,
rating and taxation, and also at Edward Erdman, where he specialised in
investment and development finance, being promoted to Associate Director
in 1987.
Having formed a financial services company for Edward Erdman,
of which he was a Director, one of Marc's responsibilities was to oversee
all property financing initiatives and innovations (equity and debt securitisation).
This resulted in the offer of a position with UBS Phillips & Drew
in 1987, where he became a property equity analyst and specialist salesman,
closely involved with many of the late 1980's take-overs, mergers, flotations,
equity issues and disposals.
In 1989, Marc was approached by NatWest Markets (NWM) to
become a Director and set up a property equity research and sales effort.
He was also a founding Board Director of NatWest Markets Property Limited
which oversaw all property activities within the investment bank. During
his employment at NWM, in addition to the responsibilities of equity analysis
and sales, Marc was directly involved in advising the Bank on companies
where it had debt exposure or that were in financial difficulty, together
with many corporate transactions that included; flotations, rights issues,
debenture issues, merger and take-over advice, corporate restructuring
and the flotation in the US REIT market of a UK PLC subsidiary company.
In February 1994, Marc joined Goldman Sachs International
as an Executive Director to establish a European property equity research
and sales effort, to form closer relationships with the property companies
in origination (i.e. corporate advice) and to advise, and later manage,
the Whitehall Real Estate Fund (WHF) in its investment of proprietary
capital in the UK. Other responsibilities included multi-disciplined corporate
advice e.g. an advisory role to an asset rich FTSE 100 company that led
to a restructuring of its world-wide property portfolio into a subsidiary
property company.
Marc became Managing Director of Moorfield Group PLC in
January 1996 and on joining the Group, inter alia: restructured the Moorfield
Board and senior management team; appointed new financial advisers and
stockbroker; reviewed and reassessed the Group's property portfolio and
its financing (both equity and debt); and formulated a unique strategy
for the Group with a view to maximising returns on the Company's equity.
In January 1996, Moorfield was in a highly distressed asset
and financial position. However, since that time Moorfield has pursued
the strategy of seeking high returns on its equity investments underpinned
by secure assets. Despite the initial constraints imposed by its size
and financial health, Moorfield increased very substantially the assets
under management particularly through the use of joint ventures and limited
partnerships with private equity investors. The policy of collaboration
with external capital sources allowed Moorfield to pursue opportunities
not normally available to a company of its size and as such to generate
value for Moorfield shareholders disproportionate to the Company's own
capital commitments. This strategy has been, and continues to be, successful
as demonstrated by the consistently high returns on equity that have been
achieved from property acquisitions and disposals totalling, in aggregate,
over £1 billion during the period.
Notwithstanding the proven strategy and resultant financial
performance, as a listed public company Moorfield shares consistently
traded at a significant discount to their net asset value. The poor rating
of shares limited the Moorfield shareholders' ability to benefit from
growth in net asset value in any consistent way.
In March 2001, the Directors of Moorfield considered that
the future strategy and prospects of the Company were more suited to that
of a private company and were more closely aligned with the experience
and expertise of the Management Team than would be the case in more conventional
property companies. In particular, the relationships with joint venture
partners being highly dependent on, and personal to, the Management Team.
As a result the Directors concluded that an offer for Moorfield involving
and retaining the Management Team provided the best opportunity for securing
value for Moorfield shareholders. Moorfield is today a private company
investing in property and property related opportunities in the UK. Moorfield
is IMRO registered and a member of the British and European Venture Capital
Associations.
Marc has been rated, with regards to property equity investment
advice, in the top 3 (including 1st place) of the European Extel Survey
in 1989 and 1991-1993 and the Institutional Investor Survey 1991-1995
(1995 being the last year he was eligible for a vote). He has also sat
on the panel that advises the Royal Institute of Chartered Surveyors (RICS)
on the investment of its own capital, together with having various advisory
roles for the RICS on property equity and debt securitisation.
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