UK private equity firm Moorfield has launched a new build to rent (BTR) brand, More, to consolidate its operations within the sector and support the firm's further BTR expansion.
Moorfield has developed and operated 1,200 BTR apartments since 2012 and said it intends to continue investing in the sector through the new platform. Its most recent scheme, Duet in Salford Quays, opens this week with 270 apartments.
'We have been investors in “beds” since entering the PBSA market in 1998 and have consistently led the market in identifying the needs of customers across the residential spectrum and innovating to fill the gaps,' said Sadie Malim, head of special projects at Moorfield Group. 'The More brand will help us communicate our experience and intentions in the BTR sector, one where we have significant near-term growth ambitions.'
In the student accommodation sector, Moorfield has delivered 6,800 beds under the Domain platform since 1998. It has been investing in the senior living sector since 2008 through Audley, which now has 2,000 units in its platform.
More kicks off with three schemes totalling 785 apartments, namely Duet and The Trilogy in Manchester, and The Forge in Newcastle. All provide a mix of one, two and three bedroom apartments plus on-site amenities.
The schemes are owned by special purpose vehicles in MREF III or MREF IV, both of which are funds backed by international institutional investors and which are managed by Moorfield Group or affiliates.
'The More branding encapsulates the work we have done to date across all the BTR schemes we manage,' Malim added. 'Our brand standards ensure that each scheme is designed both aesthetically and technically to appeal to the discerning and tech savvy customer with a strong focus on community and engagement.'
Malim concluded: 'Duet is our second BTR scheme in the Manchester area and we are excited to welcome our first customers this week.'
