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Press Releases

Moorfield Real Estate Fund ΙΙ makes £15m retirement village acquisition

Fund acquires 75% shareholding in Raven Audley Court plc (Audley) from Raven Mount plc (Raven) and commits to further investment in future site purchases and developments

Moorfield Group has today confirmed the conditional acquisition of a 75% shareholding in Raven Audley Court plc (Audley) through its second fund, Moorfield Real Estate Fund ΙΙ (MREFΙΙ).  In a £15m deal with Raven Mount plc (Raven), MREFΙΙ will initially refinance the company’s existing mezzanine financing.  Going forward, MREFΙΙ will continue to support Audley’s future funding requirements through the further investment of some £40m to fund working capital, site purchases and new developments.

Audley is one of the UK’s leading specialists involved in the development and management of ‘Independent Living’ facilities for the elderly.  The company’s retirement villages typically provide apartments on heritage sites and incorporate a feature building at the heart of the community to provide facilities that would be expected in a country house hotel. Importantly, Audley also provides an extra  care service within the residents’ own home.

The company has a number of villages at different stages of development throughout the UK, including:

• One completed scheme: Willicombe Park in Tunbridge Wells - 67 apartments and cottages plus a Club House that provides communal facilities to residents;
• Four schemes under construction: (i) St Elphin’s Park in Matlock – 127 units, (ii) Clevedon in Ilkley – 98 units, (iii) Inglewood in Berkshire – 96 units, (iv) Mote House in Kent – 87 units.
• A pipeline of opportunities that are expected to achieve planning permission in 2009.

In addition, the company has successfully developed two other schemes which continue to be operated under the Audley brand; Flete House in Devon and Hollins Hall in Yorkshire.

Audley comprises an experienced and diversified team in an emerging but still fragmented sector where demand is underpinned by strong demographics.   Approximately 80% of the UK’s wealth is now controlled by those over retirement age, and the company will continue to capitalise on this trend through the completion of it’s current development pipeline, as well as acquiring further sites for development over the coming years.

Marc Gilbard, Chief Executive of Moorfield Group (the Investment and Asset Manager of MREF II) said: “We have been researching the retirement sector for a number of years and waiting to find the best management team to support. We have been very impressed by the diversified skill base within the Audley team, led by Nick Sanderson who is an industry expert. We are very excited by the sector opportunities and our partnership with Audley, and will be looking to make both corporate and site acquisitions together.”

The remaining 25% stake in Audley is owned by the company’s management team.  Speaking about the injection of working capital for new and existing projects, Audley Chief Executive and Chair of the newly formed Association of Retirement Village Operators, UK, Nick Sanderson added: “This is a tremendous boost not only for Audley but for the whole retirement village sector which, even during these difficult times, has huge potential for growth.”

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