Over the past 21 years we have invested in over £3.4bn of assets across almost every real estate sector, a selection of which are below
A dedicated industrial investment vehicle focused on creating a diversified portfolio of logistic units / distribution warehouses. MREFIV’s first investment is a freehold 324,000 sqft high quality, modern distribution warehouse fully let to Geberit (the European market leader for sanitary products), located near Crewe just off the M6 in between Birmingham and Manchester. The strategy is to target units with short to medium term lease lengths, with the ambition to build a portfolio of good quality, well located, institutional grade logistics units where we can use our asset management capabilities and experience to bring further value to each asset.
Zeta at Cobalt Park, Newcastle
Zeta at Cobalt Park is a five storey 126,000 sqft modern office building, which comprises an energy efficient, environmentally sustainable office building without compromising the quality and efficiency of the office space. Located on Cobalt Business Park, Newcastle – the largest office park in the UK, comprising 1.7m sqft of modern accommodation and will provide 2.5 million sqft of accommodation when complete. The park has been developed by Highbridge Properties from 1996.
Moorfield purchased Zeta at Cobalt Park in joint venture with Highbridge Properties.
A 270 unit Build to Rent (BTR) scheme located in Salford Quays next to MediaCityUK. The site is the last undeveloped waterside site adjacent to Erie Basin. As well as market leading BTR amenities and facilities the scheme will include a feature reception and podium garden overlooking the water for residents to enjoy. The scheme is due to open in the Summer of 2019. Moorfield is working in association with Glenbrook on the development
Moorfield Logistics Partnership (MLP) – Partially Sold
A dedicated industrial investment vehicle focused on creating a diversified portfolio of single-let logistic units. MLP’s first investment was a portfolio of three modern, institutional quality and well located logistics units, located in the Midlands and North of England (Rushden, Warrington and Deeside). The assets are let to a number of strong covenants including Next, Urban Outfitters and Mayr-Melnhof Packaging. Subsequently, MLP also acquired two further logistic units in Huddersfield, Yorkshire, let to Instore Ltd (Poundstretcher) and Council Borough of Kirklees. MLP has successfully sold five of the six industrial units within MLP. The final unit within MLP is the Poundstretcher distribution warehouse in Huddersfield.
Hox Park, London
Hox Park is a state of the art, 499 bed student accommodation development located 15 minutes walk from the Royal Holloway, University of London. The Scheme comprises 200 studios and 199 en-suite cluster apartment rooms and includes a dedicated social and study hub, Hox Haus. The scheme is due to open in September 2018 and will include extensive amenities including a private gym and wellness centre, parcel lockers, café space and study areas.
Century Square, Sheffield – Sold
A 305 bed Student Accommodation development at Radford Street, Sheffield on a prime site, adjacent to the University of Sheffield. Sheffield is a robust student city, with a strong student accommodation market. The University of Sheffield is a member of the Russell Group and was voted number 1 in the Times Higher Education Student Experience Awards for 2014-15.
The development was completed for the September 2016 term and comprises 130 bedrooms (in clusters of 3 to 6), 24 twodios (studios with a shared kitchen) and 151 studios, together with a range of communal facilities, all to best in class standards.
The scheme was delivered in conjunction with the Worthington Group, an experienced student accommodation developer / contractor and has since been sold.
The Forge, Newcastle
MREFIII is forward funding the development of a 280 unit build to rent scheme adjacent to the Stephenson Quarter in Newcastle. Moorfield is working in association with Worthington Properties and Panacea Property Development. The site is due to open in 2018.
Moorfield Audley Real Estate Fund
Moorfield Audley Real Estate Fund (MAREF) is a real estate private equity fund with a single focus on the UK retirement sector. MAREF has successfully raised £285m of discretionary equity capital commitments to acquire Audley Court Limited – “Audley”, one of the UK’s leading retirement village developers and operators. Alongside Moorfield and Audley management, MAREF provides Audley with equity to be used to fund both the existing development programme and support the acquisition and development of new Audley retirement village sites and the expansion of the Mayfield mid-market brand. The investment is expected to enable Audley to double the size of its platform over the next five years.
The Trilogy, Manchester
A 230 unit build to rent development with 115 parking spaces on the periphery of Castlefield, Manchester.
Moorfield is working in association with Glenbrook Property with whom it developed the Keel in Liverpool. The Trilogy is due to open in Summer 2018.
The Tramshed, Preston
A 315 bed student development in Preston, adjacent to the University of Central Lancashire.
The interior designed scheme is now operational and fully let. It incorporates extensive amenities, including; gym, cafe area, quiet study area and leisure facilities.
The University of Central Lancashire is the 12th largest student market in the UK.
Shipping Building, The Old Vinyl Factory, Hayes – Sold
The Shipping Building in Hayes is a seven-story multi-let office building totalling 96,700 sq ft. Whilst the original structure dates back to the 1920s, the building was comprehensively refurbished in 2002 and was the former headquarters of EMI. Present tenants include SITA, SONOS and CHAMP Cargosystems (UK) Ltd. The Shipping Building forms part of The Old Vinyl Factory site and is now being extensively regenerated by U+I. Planning permission for this mixed-use £250m scheme was granted in 2013 and is set to transform the site with 630 new homes, 750,000 sq ft of commercial and leisure space. Hayes will benefit substantially from the introduction of Crossrail due for completion in 2018 and wider infrastructure and development, allowing the town to close the gap with the West London market. This investment has now been sold.
Atlantic Quay (Buildings 1,2 & 3), Glasgow – Partially Sold
Buildings 1, 2 and 3 Atlantic Quay comprise 280,000 sq ft of high quality modern office space built to a ‘Grade A’ specification. Atlantic Quay is a unique office complex providing an attractive working environment that fronts the River Clyde. It benefits from excellent access to Glasgow’s key public transport hubs with Central and Queen Street train stations located only a short walk. It is also just a short walk from Glasgow’s main shopping, leisure and entertainment districts and accessible to all major road, rail, air and bus links. MREFIII is working in association with Resonance Capital in realising the investment’s refurbishment and re-letting opportunities. AQ3 has now been sold.
Riverlights, Derby – Partially Sold
A mixed use asset which incorporates leisure, retail and hospitality. Development of the Riverlights was completed in 2010 and provides a mixed use building in Derby city centre. The property is arranged over five storeys, alongside and over the Derby coach and bus station, and includes two hotels, a casino and five retail units. The property is let to Genting Casinos (40,000 sq m), Premier Inn and Whitbread (Thyme Restaurant) and a hotel managed by Kew Green under the Holiday Inn franchise. The Holiday Inn has now been sold.
Aurora, Ealing, West London
Aurora is a prominent Grade A head quarter building in the Ealing office core. The property was built in 1996 and comprises 51,943 sq ft over the ground and 4 upper floors, with a central atrium and 85 car parking spaces. Aurora is located approximately 8 miles west of central London in the Borough of Ealing. It has a desirable and vibrant metropolitan town centre benefitting from excellent road and rail communications which will continue to improve with the support of Crossrail. MREFIII is working in partnership with XLB Property to refurbish and re-launch the property.
Aberdeen Energy & Innovation Parks
Aberdeen Energy and Innovation Parks comprise 200,000 sq ft of multi-let office and industrial accommodation occupied by over 80 companies with a workforce of nearly 2,000 people in the Bridge of Don area of Aberdeen. In addition, Moorfield and Buccleuch Property have agreed a joint venture partnership to develop circa 60 acres of expansion land across the Parks.
The Keel, Queens Dock, Liverpool – Sold
The landmark office complex has been transformed to create 240 luxury waterside rental apartments, which are fully occupied. Moorfield developed The Keel in association with Glenbrook Property. The investment will contribute to the ongoing rejuvenation of Liverpool’s waterfront, which has recently been transformed through the delivery of a world class Exhibition Centre and an upscale 216 bed Pullman hotel on the adjoining site. This investment has now been sold.
Quartermile, Edinburgh – Sold
Quartermile is the award winning mixed use redevelopment of the 19-acre site of the former Royal Infirmary in the heart of Edinburgh. Masterplanned by the world renowned architects Foster + Partners, the scheme brings together luxurious residential apartments, Grade A office space, a hotel, leisure and retail space within a UNESCO World Heritage site. MREFIII continues to develop the remaining phases.
100 Barbirolli Square, Manchester – Sold
MREFIII and Oaktree Capital Management (Oaktree) acquired 100 Barbirolli Square in Manchester in July 2013. The investment is a joint venture between MREFIII with Moorfield as Asset Manager and Oaktree. The prestigious 140,000 sq ft Grade A office building is situated in the heart of Manchester City Centre and is let to DLA Piper, Ernst & Young and Addleshaw Goddard. The investment forms part of the Barbirolli Square development, a prime city centre landmark office scheme. Built in 1997, 100 Barbirolli Square comprises 135,000 sq ft office accommodation across large flexible floorplates throughout the ground and eight storeys. In addition there is a 5,200 sq ft restaurant at the lower ground floor and secure parking for 141 cars over three basement floors. This investment has now been sold.
Salisbury House, London – Sold
Salisbury House is a landmark Grade II listed building situated in a prime City location and at the very heart of London’s financial district provides a total of 236,369 sqft of office, retail and ancillary accommodation. The offices comprise 215,209 sqft and are arranged over lower ground, ground and seven upper floors. The retail units comprise 21,000 sqft and are arranged over lower ground and ground floors. The occupier base in respect of the offices is diverse with representation from the legal, financial and professional sectors, attracted by the prime location and the opportunity to secure flexible letting solutions. The location of Salisbury House is set to benefit from Crossrail, the east-west rail link that will cross Central London linking Reading in the west to Abbey Wood in the east. Crossrail will connect to Heathrow giving the City direct rail connection to Europe’s leading international airport in approximately 30 minutes and provide City to west end access in approximately 10 minutes. A brand new station is being constructed between, and accessed from, Moorgate and Liverpool Street stations. This investment has now been sold.
Logistics Property Partnership – Sold
The UK Logistics Fund (UKLF) was acquired in a 50/50 joint venture with SEGRO plc for £314m. The portfolio comprised 14 prime logistic warehouse units, plus 1 development site, totalling 4.35m sq ft, in 12 locations on, or near, main arterial roads in established distribution areas across the UK. Occupiers included Tesco, Sainsbury’s, Royal Mail, Booker and Exel UK. Two newly built units totalling c.950,000 sq ft were vacant on acquisition. Both Moorfield and Segro undertook strategic investment and asset management roles. The portfolio was re-launched with a new branding and marketing strategy as the Logistics Property Partnership (LPP). LPP sold 2 logistics assets in Avonmouth totalling 326,505 sq ft to the NFU Mutual. Following the successful letting of the two vacant units (c.950.000 sq ft) and the conclusion of a number of rent reviews c.975,000 sq ft) Segro acquired the remaining stake.
The Printworks, Exeter – Sold
The former Exeter printing site which Moorfield developed into the award Printworks, a 492 bed independent student apartment scheme, which opened in 2013 with 100% occupancy. The Printworks comprised a mix of premium studio and multi-bedroom/cluster apartments with extensive, interior designed communal facilities. The scheme is centrally located in close proximity to Exeter University’s campus and is one of the largest private purpose built schemes in the city.
Towers, Manchester – Sold
The Towers is an urban business park in Didsbury South Manchester. The estate consists of 9 office buildings, totalling 290,000 sqft, set within 19 acres of landscaped parkland. Located only a short walk from Didsbury Village, The Towers location and abundance of surrounding amenities are key to its tenant appeal. The M56 is less than 2 miles away and the public transport links including Didsbury Metrolink, East Didsbury railway station and main bus station nearby further enhance the employer/ee appeal. During ownership Moorfield undertook an extensive refurbishment programme, an off market approach from Lone Star resulted in an early realisation of the business plan and sale of Towers.
Primark Distribution Centre, Northamptonshire – Sold
A 637,000 sqft freehold Distribution Centre in Thrapston, Northamptonshire, acquired from Ikea for £35.0m. Let in its entirety to Primark Stores Ltd, Moorfield reached an agreement for Primark to extend and improve the terms of their lease in return for the construction of a 140,000 sq ft extension.
Safestay – Sold
Safestay was a start-up joint venture between Moorfield and Safeland Plc to develop a c.410 bed hostel in Elephant & Castle, London. The hostel opened in June 2012 trading under the name Safestay.
Moorfield sold its 80% stake following the successful IPO of the business which resulted in an early realisation of the business plan.
Pinnacle, Leeds – Sold
West Riding House is a landmark 19 storey mixed use city centre building in Leeds. West Riding House was formally relaunched as Pinnacle following a £6.0m investment programme. Leeds is the principal commercial and financial centre of the north east of England. The property is located on a 1 acre site in the centre of Leeds’ prime retail and office core, situated in a strategic axis of the pedestrianised Albion Street, Bond Street and Commercial Street. The investment included 68,500 sqft prime retail space and 81,500 sq ft of offices, supported by a 440 multi-storey car park. In February 2015 an off market approach from Lone Star resulted in an early realisation of the business plan and sale of the investment.
Skypark, Glasgow – Sold
Skypark is a landmark urban business park in Glasgow. Glasgow is the biggest city in Scotland and the third largest in the UK. It has a population of c.630,000 and is at the centre of a catchment population of over 3m. Positioned strategically on the immediate periphery of Glasgow’s Central Core, Skypark has unrivalled connectivity to all forms of transport and is within a 10 minute walk of the city centre. Totalling c.550,000 sq ft, Skypark comprises six buildings providing a wide variety of office, storage and retail accommodation. Together with joint venture partner, Resonance Capital, Moorfield repositioned this asset to create a multi-let destination office location with extensive amenities. In February 2015 an off market approach from Lone Star resulted in an early realisation of the business plan and sale of the investment.
Sovereign Reversions – Sold
A 50.0% stake in Sovereign Reversions (“Sovereign Reversions”), a business which owns and manages portfolios of UK equity release plans. The stake was acquired from Grainger Plc, following the takeover of Sovereign Reversions by Grainger. In February 2015, an off market approach from Lone Star resulted in an early realisation of the business plan and sale of the stake.
Brindleyplace, Birmingham – Sold
MREFII acquired the long leasehold interest in Brindleyplace in Birmingham, one of the best mixed-use developments in the UK, from the Brindleyplace Limited Partnership in July 2010. It was acquired in a joint venture with Hines Global REIT. Birmingham is the UK’s second city and Brindleyplace is its premier business location. The properties are located in the heart of Birmingham’s Convention Quarter, a 10 minute walk from the city’s main railway station, New Street Station. It is adjacent to the International Convention Centre, the world famous Symphony Hall and the National Indoor Arena. Brindleyplace is an award winning business and leisure destination and has set the standard for urban regeneration in the UK. In February 2015, an off market approach from Lone Star resulted in an early realisation of the business plan and sale of Brindleyplace.
The Capital Pub Company Plc – Sold
Between December 2009 and January 2011 MREFII acquired a stake in The Capital Pub Company PLC, a London pub owner and operator. At the time of disposal the company had a portfolio of 34 mostly freehold pubs in prime residential and urban locations which all operated free of beer ties. As a major shareholder with an 11.0% stake, MREFII invested £3.1m in Capital Pubs between December 2009 and January 2011 through share purchases, discounted placings and rights issues at an average weighted in-price of 101p per share. Capital Pubs used the funds raised to acquire pubs and grow its estate as well as improve its balance sheet. In 2011 Capital Pubs was acquired by Greene King in a recommended takeover for a price of 235p per share.
Mitchells & Butlers, Birmingham – Sold
Acquired as a sale and leaseback, Mitchells & Butlers plc’s (M&B) headquarter is a Grade “A” specified office building, and an interlinked and separately accessed 120 bedroom hotel, from M&B on a sale and leaseback in January 2009. The property was built by M&B in 2003 and is located on Fleet Street in Birmingham. The premises consisted of the 95,000 sq ft office building which was rented back to M&B on a long lease for their continued occupation and the office building is constructed over 3 main floors, with 3 levels of basement car park. The hotel is over 4 levels with an entrance, reception desk and restaurant at ground floor. The basement car park provides 278 spaces. The hotel is operated by M&B under a franchise agreement with InterContinental Hotels Group, trading as a Holiday Inn Express. This asset has subsequently been sold.
Mercure & M Gallery – Sold
A portfolio of 24 regional mid-market full service hotels acquired from Macdonald hotels and previously operated under the Macdonald brand. Following the acquisition, Accor were appointed through a management contract to operate the hotels under the Mercure brand. The hotels are all 3 and 4 star rated and offer a range of conference, leisure, food and beverage facilities catering to both the corporate and leisure markets. Moorfield built an additional 86 rooms, secured planning for an additional 112 rooms and meeting room space, and rebranded and refurbished the Francis Hotel in Bath as an M Gallery. In February 2015 an off market approach from Lone Star resulted in an early realisation of the business plan and sale of the hotels.
Queen’s Road Student Village, Winchester – Sold
This 1.3 acre site in Winchester formed part of the former Royal Hampshire Hospital site and was acquired by MREF for the development of a 400 room student scheme. The development completed in September 2010 and is let to the University of Winchester. The asset is within 10 minutes walk of the town centre and is ideally situated being contiguous with the main university campus. The University of Winchester has over 5,500 students and the Queen’s Road Student Village is the largest private sector student accommodation scheme in the city.
In February 2015 an off market approach from Lone Star resulted in an early realisation of the business plan and sale of the asset.
Shearings – Sold
Acquisition and leaseback of 39 Shearings Hotels (with four additional hotels subsequently acquired by MREF and three by MREFII) located throughout the UK, predominantly in coastal locations. Shearings is the UK’s leading coach holiday operator that targets the over-55’s market, a large and robust sub-sector of the UK holiday market with attractive demographics. Moorfield worked closely with the Shearings’ Management team to unlock further value from the real estate,creating 46 additional bedrooms and 16 residential apartments. In 2014 we restructured the lease and acquired a 43% interest in the Shearings Opco. In February 2015 an off market approach from Lone Star resulted in an early realisation of the business plan and disposal of the Shearings investment.
Capitol Shopping Centre, Cardiff – Sold
The Capitol Shopping Centre is located within the prime retail area of Cardiff. The property is a freehold covered shopping centre with approximately 165,300 sqft of retail accommodation over 2 floors. It was constructed in 1990 and underwent extensive refurbishment and redevelopment in 1998/1999. Cardiff, as the capital city of Wales, is the principal retail and commercial centre for South Wales.
This investment has now been sold.
Westway Park, Glasgow – Sold
Westway is a 130 acre industrial park situated 7 miles from Glasgow, with easy access to Glasgow airport. It was acquired in May 2004 in joint venture with Westbrook Partners. The Park has over 1.66m sqft of industrial, warehouse and office accommodation, with units ranging from 10,000 sqft up to 200,000 sqft. Major occupiers include Doosan Babcock, Amey Highways, Aggreko PLC, and James Fisher Defence. Since acquisition, gaining the planning consent for a masterplan has enabled significant building refurbishment and landscape works as well as releasing the development potential of 25 acres of land within the Park able to provide a further 435,000 sqft of accommodation. Furthermore, there is a proposed new bridge link directly from Westway to Glasgow airport which has received planning consent. This investment has now been sold.
Heywood Distribution Park, Manchester – Sold
Heywood was acquired in June 2003 for £126.5m from Ropemaker Properties (BP Pension Fund) by Moorfield Group, Uberior Ventures Ltd (a subsidiary of Bank of Scotland) and Westbrook Partners Consortium. The Park had over 2.6m sq ft of industrial and distribution accommodation with units ranging from 3,500 sq ft up to a total of 600,000 sq ft. Major occupiers include Littlewoods, Argos, JD Sports Kuehne and Nagle and JD Williams. The site cover was very low at 35% and hence the capacity for an additional 1m sq ft vacant accommodation on acquisition was 255,169 sq ft in various unit sizes. New lettings of c.850,000 sq ft were achieved during the period of ownership. The letting of the Hub to Next Group was one of the largest lettings in the North West during 2005. Following major refurbishment projects Heywood was established as a main industrial park in the North West. Additional amenities were provided and a new masterplan for 1m sq ft of development was agreed with Rochdale Council.
Kew Green Hotels – Sold
Kew Green Hotels (KGH) was established in September 2001, with financial and business planning support from Moorfield Group and Bank of Scotland, to capitalise on the growth opportunities in the limited service hotel market. The Group owned managed or operated 21 hotels under established brands such as Holiday Inn, Holiday Inn Express, Crowne Plaza, Courtyard by Marriott and Days Hotels. Together these hotels had 2,340 rooms with sales revenue of approximately £50m per annum. KGH looked to own and operate hotels in city centre, “premium” edge of town, or key transport hub (i.e. airport) locations. They focused on 100 – 150 bedroom properties which were highly visible from major traffic routes with strong complimentary offers close by, such as health clubs and other leisure facilities.
Domain is an experienced developer and operator of student and PRS (private-rented sector) accommodation, with over 5,000 beds built since inception. Domain was formed in 1998 by Moorfield in response to the significant gap in the market for affordable student and key worker accommodation.
Having sold the majority of its student portfolio in 2006, Domain is now focussed on developing and operating high quality, purpose built accommodation for occupation by students and young professionals living in city centres. Moorfield manages the development and operation of all Domain schemes; identifying and acquiring each site and then managing the design, financing, planning, construction, marketing, opening and operations. Sites are identified following a detailed analysis of cities and the quantity and quality existing alternative accommodation.
Domain has recently developed The Keel in Liverpool (Build to Rent), Century Sq in Sheffield (Student), The Tramshed in Preston (Student), and has three BTR pipeline developments in Manchester and Newcastle, and one Student pipeline development in Runnymede.
Arundel Great Court, London WC2 – Sold
Moorfield Group acquired Arundel Great Court in a joint venture with Blackstone Real Estate Advisors. The building comprised 316,000 sq ft of offices and a 150 bed five star hotel on a 2.7 acre site. During Moorfield’s period of asset management, the lease with Arthur Anderson was renegotiated and in March 1999 Arthur Anderson signed five new 20 year ‘institutional’ leases together with an Agreement to Lease on a 36,000 sq ft building to be developed within the complex, along with a complete redesign of the front entrance to the building.
Velocity Village, Sheffield – Sold
Velocity Village is a 612,000 sqft mixed-use commercial and residential development in Sheffield. Developed between 2004 and 2010, Velocity Village is set across five buildings located on Tenter Street in Sheffield City Centre and comprises 364 apartments and more than 100,000 sqft of commercial office and retail space with over 550 parking spaces. During our ownership, extensive remedial works and landscaping were carried out at the development and the residential units were 100% occupied. In February 2015, an off market approach from Lone Star resulted in an early realisation of the business plan and sale of Velocity Village.
50 – 52 Regent Street, London – Sold
30,000 sq ft West End offices and retail in the heart of Piccadilly. This was acquired in a portfolio transaction and subsequently sold to a serviced offices operator.
19 – 26 Floral Street, London WC2 – Sold
60,000 sq ft West End office and retail space in Covent Garden, let to Royal Sun Alliance. This was acquired in a portfolio of assets from Royal Sun Alliance and subsequently sold to Derwent Valley.