Moorfield unveils EUR 390 partnership to target distressed retail

London-based fund manager Moorfield Group has unveiled a new partnership to deploy up to £350 mln (almost EUR 390 mln) over the coming months in distressed retail property situations in the UK. Moorfield said it has teamed up with shopping centre asset manager Plus Shops and retail property agency Kitchen La Frenais Morgan (KLM) to provide 'comprehensive solutions to retail property owners that are battling today's distressed market conditions'.

Moorfield said the venture, known as The Absolute Partnership, is designed to assist a wide range of organisations, from banks through to opportunity funds, and will provide structured finance solutions, specialist asset management support and occupational expertise.

The partnership will be opportunity driven and will focus on seeking shopping centre investment prospects over £50 mln. The Absolute Partnership will be financed through the Moorfield Real Estate Fund II (MREF II), which raised approximately £400 mln of private equity on closing at the end of 2007.

Speaking about the new venture, Marc Gilbard, CEO of Moorfield Group, commented: 'We understand that in difficult times such as these, property owners may have unexpectedly found themselves in a position where either financial or asset management support is needed. We have developed the partnership in direct response, and believe that the combined expertise of Moorfield, Plus Shops and KLM will enable us to provide assistance to any organisation, whether a lender or borrower, as we face one of the toughest economic climates in recent memory.'