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Press Releases

PAG and Moorfield Launch North West Property JV

Manchester developer and investor, Property Alliance Group and London based real estate investor, Moorfield Group have announced a new partnership to focus on development and investment opportunities in the North West and take advantage of current market opportunities.

The strategy is for Alliance and Moorfield each to contribute capital and their complementary expertise to the joint venture. Both parties will agree detailed asset and financial business plans on the acquisition of an opportunity. This partnership will enable Property Alliance Group, who will be responsible for the property and asset management of partnership investments, to access assets with values in excess of £50m.

Both Alliance and Moorfield held discussions with a number of potential partners, however, each believe the other to have shown the best cultural fit together as well as the necessary commitment to make this JV a major player in the North West property market.

The partnership will bring together Property Alliance Group’s unique relationships with regional agents, banks and occupiers – which enable it to identify off-market opportunities - with Moorfield’s £1bn of spending power under its MREF II Fund. The partnership will initially target acquiring £150 million worth of assets over the next two years but has the flexibility to extend well beyond this.

David Russell, Chairman of Alliance, says, “Alliance has stood the test of time, even in these difficult market conditions, to prove its status as a leading regional player. 2010 is a good time to step up our activities and this partnership with Moorfield means that we are open for business on a larger scale.”

“As well as Moorfield’s access to investment and development capital, it also provides Alliance with strategic links through its investments in traditional core sectors such as retail and its investments in non-core sectors such as student accommodation, retirement living and hotels and there will be spin-off opportunities in these areas.”

“We already have a strong historic platform with our asset management, construction and design resources and this partnership will enhance our ability to source great opportunities over the coming months.”

Marc Gilbard, Chief Executive of Moorfield Group, adds, “We are delighted to be in partnership with Property Alliance Group, who have shown a genuine hunger for opportunistic investment and development and demonstrated their strengths with a full spectrum of successfully completed schemes.”

“We are confident Moorfield can leverage on Property Alliance Group’s capabilities and support their plans and we look forward to building a very substantial relationship with them.”

Robin Priest of Beachwood Limited acted on behalf of Alliance and will have an ongoing involvement in the joint venture.

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