UK private equity firm Moorfield has exceeded its £100 mln (€113.3 mln) fundraising target at the first close of its fourth real estate fund.
The Moorfield Real Estate Fund IV (MREFIV) is expected to focus on build-to-rent (BTR), student accommodation and logistics, alongside opportunistic mixed-use and infrastructure-led real estate opportunities.
The fund, which has a final target of £350 mln, has attracted a global investor base from a number of blue-chip European and US pension, endowment and foundation funds.
The fund will be seeded with a 220,000 sq ft 16-storey BTR development in Manchester’s Media City and a 128,500 sq ft vacant office building in Newcastle’s Cobalt Park.
'We are very pleased with the response we have had from the investors that we have met as part of raising this new fund,' said Marc Gilbard, CEO of Moorfield Group. 'Our investors place a great deal of trust in our ability to invest their capital wisely and we will look to be patient and disciplined over the three-year investment period.'
Charles Ferguson-Davie, Moorfield's chief investment officer, added: 'We have an exciting pipeline of opportunities in the themes that the fund is looking to invest in. The ‘beds and sheds’ themes, comprising BTR, student accommodation and last mile logistics have compelling demographic, structural and societal drivers that are creating strong demand in markets where there is also limited supply through lack of development in recent years.'
'We expect these three themes to make up 75% of the fund, as they have done for [predecessor fund] MREFIII, with the remainder targeted at mixed-use opportunities and infrastructure-led real estate where we can reposition assets and create vibrant communities.'
