Real estate specialist acquires 77 show homes in £20m sale and leaseback deal
A real estate private equity fund manager has acquired a 77 show home portfolio in a multi-million pound sale and leaseback deal.
Acting on behalf of Moorfield RealEstate Fund IV, London-headquartered Moorfield Group has purchased the homes from Newcastle-based housebuilder Avant Homes.
Comprising 93,000 sq ft, the acquired show homes are situated across the North East and Yorkshire, as well as in Scotland and the Midlands.
The homes have been immediately leased back to Avant Homes on an average three-year term, after which they will be reviewed for sale or rental opportunities.
Avant Homes chief operating officer, Mark Mitchell, commented: “This is an excellent transaction for both businesses. We are very pleased to be working with Moorfield Group, having begun discussions at the start of this year.
“Moorfield Group’s investment is testament to their belief in our ability to continue to succeed.
“As part of our growth strategy, we are exploring a number of other opportunities with Moorfield Group and hope to be able to reveal more detail about what they are in due course.”
Ross Netherway, head of origination at Moorfield Group, added: “Through this investment we are cementing our relationship with one of the UK’s most dynamic and ambitious housebuilders.
“It is the first of what we hope will be a number of similar investments, assisting housebuilders that are seeking alternative ways to accelerate the delivery of new housing for sale and for rent across the UK.”
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