Press Releases
- 2012
- Moorfield complete on former Print Works site in Exeter to build 487 bed student accommodation scheme - 20 Jan 2012
- Moorfield acquires Salisbury House, Finsbury Circus, EC2 - 20 Jan 2012
- Brindleyplace continues to invest in its facilities through new car park contract - 9 Jan 2012
- Moorfield Acquires Salisbury House, Finsbury Circus EC2 - 6 Jan 2012
- 2011
- Moorfield and Segro announce the acquisition of the UK Logistics Fund - 19 Dec 2011
- Moorfield acquires The Towers, Didsbury from Wereldhave - 18 Nov 2011
- Skypark one year on – With new lettings and lease renewals totalling over 146,000sq ft and the first phase of the multi-million pound refurbishment underway – Skypark is a hive of activity - 10 Nov 2011
- Top UK businesses choose West Riding House - 7 Oct 2011
- Moorfield announces £35m acquisition of Primark Distribution Centre - 29 Sep 2011
- Moorfield exits The Capital Pub Company Plc - 26 Sep 2011
- Debenhams to anchor Cornmill extension - 29 Jul 2011
- Newly refurbished office space released to market at Four Brindleyplace - 30 Jun 2011
- Moorfield and Safeland move in on hostel market - 19 Apr 2011
- Moorfield launch the White Knight Partnership - 6 Apr 2011
- The Glasgow School of Art sculpts its future at Skypark - 30 Mar 2011
- Moorfield secures iconic West Riding House in Leeds - 9 Feb 2011
- 2010
- Moorfield sell Mallard House to National Instruments at Newbury Business Park - 30 Dec 2010
- Moorfield buys in Darlington to allow for the Cornmill Shopping Centre expansion - 4 Oct 2010
- Grainger and Moorfield announce formation of Sovereign Reversions Equity Release Joint Venture - 23 Aug 2010
- Moorfield venture further into Yorkshire and Humber with Holbeck Land - 28 Jul 2010
- Brindleyplace acquisition completed by Hines Global REIT and Moorfield - 23 Jul 2010
- Moorfield and Hines Global REIT invest in Brindleyplace, UK - 1 Jul 2010
- Next Step for Cornmill Shopping Centre - 26 Jan 2010
- Moorfield and PAG launch north west property JV - 15 Jan 2010
- 2009
- Audley acquires Wiltshire’s White Horse Care Agency - 23 Jun 2009
- The Ridings celebrates completion of multi million pound refurbishment works - 13 Feb 2009
- Moorfield announces £30m sale and leaseback deal with Mitchells & Butlers - 7 Feb 2009
- Moorfield, Plus Shops and KLM to launch new retail venture - 27 Jan 2009
- 2008
- 2007
- New dock facility for Westway as commercial traffic returns to river cart - 10 Sep 2007
- Cornmill Shopping Centre Extended in £8.4m Deal - 25 Jun 2007
- Moorfield Real Estate Fund awards hotel contract to Accor - 20 Mar 2007
- Second Moorfield fund closes with £1. 6 bn of buying power - 8 Feb 2007
- Moorfield Real Estate Fund acquires 24 Macdonald hotels - 26 Jan 2007
- MREF Buys Cornmill Shopping Centre, Darlington - 5 Jan 2007
First Acquisition for Moorfield Real Estate Fund and disposal by Prime Commercial Properties Plc
Moorfield Real Estate Fund (MREF) has begun its investment programme with the purchase of two substantial shopping centres from Prime Commercial Properties plc (PCP).
The Capitol Shopping Centre, Cardiff and The Ridings, Wakefield were purchased through two Jersey Property Unit Trusts for circa £220 million reflecting a combined equivalent yield of 6 %. PCP purchased the Capitol Shopping Centre, Cardiff in November 2003 and the Ridings, Wakefield in May 2004.
The Capitol Shopping Centre, Cardiff is a covered shopping centre in a prime retail location in the centre of Cardiff. There is 165,300 sq ft of retail accommodation over two floors with strong national high street retailers such as H&M Hennes, Orange, Virgin Megastore, Karen Millen and Vidal Sassoon, occupying some 75% of the units. There is also a provision of 420 car parking spaces.
The Ridings, Wakefield provides 265,000 sq ft retail space over three floors and is strategically located in the centre of Wakefield. There is a broad range of tenants including national retailers such as Vodafone, Boots, Top Shop, Marks & Spencer and WHSmith, occupying some 70% of the units. There is also a provision of 1,100 car parking spaces.
Marc Gilbard, Managing Director of Moorfield Group, which is the investment and asset manager of MREF, said:
“Both shopping centres are located in cities that are due for major regeneration over the next five years. Our research shows that this is likely to create significant rental value uplift in the area generally, once that regeneration has been concluded. It will also specifically benefit these shopping centres by removing any uncertainty over their location and future tenancy base. Moorfield, together with Plus Shops (the managing agent) will actively manage and upgrade these shopping centres to ensure that they remain a strong draw for both consumers and tenants.”
Claude Gubbay, Director of Prime Commercial Properties Plc, commented:
“Whilst PCP remains committed to the UK Shopping Centre sector, the disposition fits with our recent focus in the German Shopping Centre sector where we now own three major centres following the completion of our purchase of the Haven Hooft Centre in Bremen at the end of last month. We are very pleased with the outcome of these transactions and wish Moorfield and Plus Shops a happy and profitable future with these assets.”
Strutt & Parker, Kitchen La Frenais Morgan and Plus Shops acted for Moorfield Real Estate Fund and Savills acted for Prime Commercial Properties Plc. Herbert Smith LLP and Forsters LLP were legal advisors to Moorfield Real Estate Fund and RSM Robson Rhodes LLP were tax advisors. Manches LLP and Taylor Wessing were legal advisors to Prime Commercial Properties Plc.
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