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Moorfield Group raises £285m for real estate fund

by Jody Barhanovich

Moorfield Group, a United Kingdom real estate private equity fund manager, has raised a further £85 million ($107.6 million) from existing investors for Moorfield Audley Real Estate Fund, increasing the total raised to £285 million ($361 million).

Moorfield Group created the fund to acquire Audley, the leading U.K. retirement village developer and operator, in December 2015. Audley is a U.K. luxury retirement village provider. This latest fundraising round creates a total war chest of more than £700 million ($909 million) to be invested over the next five years, drawn from a combination of equity, development income and investment debt.

To date, the fund has attracted institutional investors from the United States and continental Europe. This new funding will support the acquisition and development of new Audley Villages, as well as sites for its new mid-market proposition, Mayfield Villages.

In addition to the 15 villages that sit under the Audley Villages brand, which when completed will provide at least 2,000 units nationwide, 500 units are currently planned at future Mayfield Village sites.

“The retirement living sector has become one of the biggest growth areas in U.K. real estate,” said Marc Gilbard, Moorfield Group CEO. “The new capital will give Audley the opportunity to acquire new sites, develop existing sites and allow the expansion of the business,” said Gilbard. “We continue to expect to see a strong return for our investors as Audley capitalizes on the clear demand for quality living options for the older generation in the U.K.”

Responding to customer demand, Audley last year launched Mayfield Villages, a mid-market proposition for which the first location will be announced shortly. The premise behind Mayfield is to offer the same level of service as Audley Villages, with high living standards and excellent care, but at a lower price point. These will be larger villages, typically in urban/suburban environments.

 

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