Marc Gilbard - Chief Executive

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.