Moorfield Group acquires U.K. residential portfolio for €22.2m
Moorfield Group has acquired a 93,000-square-foot, 77-showhome portfolio from privately owned homebuilder Avant Homes for €22.2 million ($24.4 million).
Located across the United Kingdom, the showhomes have been immediately leased back to Avant Homes on an average three-year term. On expiration of the individual leases, Moorfield will either sell the homes on the open market, leveraging Avant Homes’ sales channels, or rent the homes to complement its existing build-to-rent activities.
Charles Ferguson-Davie, CIO of Moorfield Group, said, “Despite the volatility caused by the COVID-19 pandemic, we remain convinced that the residential sector will continue to be a resilient asset class, providing ongoing opportunities to generate outperformance on behalf of our investors. We have pioneered investment into a range of residential use classes and this innovative transaction provides our investors with further diversification.”
Ross Netherway, head of origi