Moorfield Group, the London-based private equity real estate firm, has closed its latest value add fund, Moorfield Real Estate Fund V (MREFV) on £330 mln (€392 mln) including co-investment capital.
In a dificult fundraising environment, the final figure compares with the stated target upon launch of £350 mln.
But the company said as part of its "hub-and-spoke" funding model, it plans to raise an additional £250 mln for sector-specific side-car vehicles that will sit alongside the diversified fund. The first spoke, MREIT, is a private non-traded REIT focused on the residential-for-rent sectors of single-family housing and student HMOs, launched late last year.
Additional spokes are planned in the near-term for multi-family build-to-rent (BTR) and self-storage as part of focus on the living and storage sectors. The purpose-built student accommodation (PBSA), co-living, logistics, and industrial open-storage (IOS) also have potential for sector-specific side-car vehicles. In total, Moorfield is targeting £1 bn of investment in the UK, it added.
Charles Ferguson Davie, co-CEO and CIO, said: 'Having sold our BTR, PBSA and logistics investments in 2021 and 2022, we now see an attractive re-entry point, as demonstrated by our recent investment activity, and we will continue to pursue our thematic focus on the living and storage sectors.'
Marc Gilbard, co-CEO and executive chairman, added: 'Real estate is feeling the full impact of cyclical and structural change colliding, and while this creates opportunity, there is naturally a deep sense of uncertainty, so I would like to thank our investors who have placed their trust in us for this latest fundraise.'
