Moorfield Real Estate Fund II has taken a 75% shareholding in
MREF II will initially refinance Audley’s existing mezzanine financing.
It will then continue to support the company’s future funding requirements through the further investment of £40m to fund working capital, site purchases and new developments.
The remaining 25% stake in Audley is owned by the company’s management team.
Audley has a number of villages at different stages of development through the
They include Willicombe Park in Tunbridge Wells; four schemes under construction: St Elphin’s Park in Matlock, Clevedon in Ilkley, Inglewood in Berkshire and Mote House in Kent; and a number of opportunities that are expected to achieve planning permission in 2009.
It also operates Flete House in Devon and Hollins Hall in
Marc Gilbard, chief executive of Moorfield Group (the investment and asset manager of MREF II) said: “We have been very impressed by the diversified skill base within the Audley team, led by Nick Sanderson who is an industry expert.
“We are very excited by the sector opportunities and our partnership with Audley and will be looking to make both corporate and site acquisitions together.”
Nick Sanderson, chief executive of Audley, and chair of the newly formed Association of Retirement Village Operators UK (ARVOUK), added: “This is a tremendous boost not only for Audley but for the whole retirement village sector which, even during these difficult times, has huge potential for growth.”
