Moorfield Estates has made its first foray into the residential market with the £4.15m acquisition of 6.9 ha (17 acres) of the former MOD Married Quarters Estate near Huntingdon, Cambridgeshire, through a joint venture.
Moorfield has teamed up with Bankers Trust Real Estate Investment Banking Group and Welbeck Estates – both part of a consortium which originally bid for the whole MOD estate last year – to form Upwood Limited Partnership. The company, in which Moorfield has a 60% stake, plans to refurbish the 149-house estate and then sell the units to owner-occupiers
The properties, part of the portfolio acquired by Annington Homes for £1.6bn in June 1996, once provided residential accomodation for the nearby RAF Upwood.
Moorfield managing director Marc Gilbard said: “This is an ideal opportunity for the company to use its entrepreneurial skills to provide shareholders with short term trading profits in addition to the revenues generated by our property investment portfolio and our longer term major development programme.”
He added: “We shall continue to seek out opportunistic deals such as Upwood as part of our stated corporate objectives of adding shareholder value through Moorfield’s highly committed management team.”
EGi News 27/08/97
