Over the past 23 years we have invested in over £3.4bn of assets across almost every real estate sector, a selection of which are below
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.
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.
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.
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.
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.
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.