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Moorfield was taken private by the current management team with the financial support of Bank of Scotland Group in March 2001. Over the 5 year period between January 1996 and March 2001, when Moorfield was a listed company on the London Stock Exchange, the share price increased by some 48%, the dividend per share was increased year on year by 10% and the net asset value per share increased by some 68%. In 2005, following a diversified and highly successful investment and subsequent disposal programme of some £2 billion, Moorfield determined to invest and directly manage equity on behalf of third parties. To this end, the Moorfield Real Estate Funds (MREF / MREF II) were formed by Moorfield. Moorfield, together with its respective financial partners, has acquired over 150 real estate assets in the UK and has completed over £2.5 billion of transactions since 1996, delivering an average realised gross internal rate of return of over 60% and a multiple of invested capital of over 2.5x. These real estate assets have ranged from individual buildings and complex mixed use portfolios, to developing a student and key-worker accommodation business and originating, advising and investing in a business that operates and owns budget (limited service) hotels. |
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| Investment Team | ||
Moorfield believes that its historic and current investment results are directly related to the quality and diversity of the Company’s professionals, together with the resulting broad real estate and financial contact base. Moorfield has, over time, assembled an excellent team of experienced professionals with backgrounds in real estate (investment, development, asset management, planning, legal), fund management, corporate finance, finance, accountancy and marketing who are further supported by a team of administrative personnel. Two of Moorfield’s three key investment professionals have been working together for over 20 years, and the third has been working with them for over 11 years, the last 7 years as a director of Moorfield. |
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| Executive Board | ||
| Marc E C Gilbard, joined Moorfield in January 1996 and is Chief Executive Officer. He is a graduate in Estate Management and a Chartered Surveyor who has worked for firms of chartered surveyors and investment banks, including Union Bank of Switzerland, NatWest Markets and, prior to joining Moorfield was an Executive Director of Goldman Sachs International. Marc has been rated, with regards to real estate 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 is a Member of the Investment Property Forum (IPF), a General Council Member of the British Property Federation (BPF) and a Member of the Royal Institution of Chartered Surveyors (RICS) where he has sat on the panel that advises the RICS on the investment of its own capital. | ||
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| Graham B Stanley, joined Moorfield in January 1996 and is Executive Director. He is a graduate in Business Administration who has worked for firms of chartered surveyors and investment banks, including Hoare Govett, NatWest Markets (where he first worked in partnership with Marc Gilbard) and Goldman Sachs International where he was an Executive Director prior to joining Moorfield. Whilst working in partnership with Marc, Graham has shared the same ratings for real estate equity investment advice set out above. | ||
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| Graham Sidwell, joined Moorfield in November 2000 and is Group Finance Director. He is a graduate in Economics and a Chartered Accountant. He qualified with RSM Robson Rhodes LLP (now Grant Thornton UK LLP), where he became a partner in 1985 and had a variety of senior management roles including responsibility for London and the South-East and was Head of Corporate Finance for a number of years. | ||
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| Investment, Trading and Development Team
Corporate Advisors
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| Corporate Progression | ||
| January 1996
Years to March 2001
March 2001
Current Moorfield Group formed the Moorfield Real Estate Fund Limited Partnership (MREF) in 2005 with over £1billion of purchasing capacity. MREF became fully invested by March 2007 and in December 2007 Moorfield Real Estate Fund II Limited Partnership (MREF II) was raised with some £1.5 billion of purchasing capacity plus the ability to raise further funds through co-investment with its international ‘blue chip’ fund investors. Moorfield is seeking to make investments for MREF II in UK real estate and real estate vehicles, together with real estate related opportunities and asset rich companies, where active corporate, asset and financial management is expected to significantly enhance both income and capital returns. In order to facilitate the formation and management of MREF/MREF II and the structure of transactions, a wholly owned subsidiary of Moorfield Group, Moorfield Investment Management Limited is utilised. This company is regulated by the FSA and is also a full member of the British Venture Capital Association (BVCA) and the European Private Equity & Venture Capital Association (EVCA). |
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| Summary of Investment Activity | ||
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Moorfield began to take its current shape
in January 1996 when, after specialising in real estate for firms of
chartered surveyors and investment banks, Marc Gilbard and Graham Stanley
left Goldman Sachs International where they had been responsible for
UK real estate activities, including the Whitehall Street Real Estate
fund. They joined the Board of Moorfield which at that time was listed
on the London Stock Exchange, and changed the focus and rationale of
Moorfield by embarking on a programme of realising inherited assets and
reinvesting capital released through originating new real estate opportunities
and using limited partnership and joint venture structures formed with
substantial co-investors. Having identified the real estate opportunity,
Moorfield would source and structure appropriate capital to invest alongside
its own, and subsequently act as financial and asset manager. Moorfield
has established successful joint venture relationships with Blackstone
Group, Westbrook Partners, Bankers Trust/ Deutsche Bank, Ellerman Investments
(an investment vehicle of Sir Frederick and Sir David Barclay) and Bank
of Scotland Group, as well as having worked closely on opportunities
with Morgan Stanley, Nomura, UBS and others of similar status.