UK real estate fund manager Moorfield has raised an initial £270m (€314.3m) for its fifth value-add fund
The manager said the fundraising for the Moorfield Real Estate Fund V (MREFV) fund was backed by investors based in Europe, Japan and the US.
MREFV, which with gearing is expected to have an initial investable capital of £650m, will target residential-for-rent, student accommodation, healthcare, logistics and self-storage sectors mainly in London and in UK’s largest regional cities.
MREFV will fund “development, pursue portfolio creation and will reposition existing assets through active asset and operational management” to create investments with institutional appeal, the fund’s manager said.
Marc Gilbard, CEO of Moorfield, said: “Demographic shifts, environmental needs, technological progression and changing customer expectations are all trends disrupting existing real estate and leading to the emergence of new opportunities to create real estate that is fit for purpose.
“This is true of all the sectors of focus for MREFV and we will be able to draw on our UK focus and considerable experiences, both in asset and operational management, to achieve our goals.”
Charles Ferguson Davie, CIO of Moorfield, said: “This successful first close of our fifth value-add fund reflects the confidence our investors have in our ability to create value-add returns in our selected investment themes whilst investing capital responsibly and in line with our Net Zero Carbon commitment.”
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