Fundraising - JANUARY 6, 2015

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Moorfield raises in excess of target for MREF III

by Andrea Waitrovich

Moorfield Group has held a final close for Moorfield Real Estate Fund III with more than £350 million ($531.48 million) from U.S., European and Japanese investors. The fund received £250 million ($379.63 million) of discretionary equity capital commitments and more than £100 million ($151.85 million) of co-investment equity capital commitments.

Moorfield will also supplement this equity with joint venture capital, meaning that Moorfield expects to invest £500 million ($759.25 million) of equity over the next three years, employing leverage alongside this as appropriate.

MREF III is a U.K.-focused opportunistic/value-add fund with a targeted risk-adjusted internal rate of return of 15 percent to 20 percent. Moorfield looks to identify investment opportunities where equity returns can be enhanced with active asset, operational and financial management. MREF III will target sectors and subsectors with attractive supply and demand dynamics.

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