Moorfield acquires £20m show home portfolio

Moorfield has acquired a 77-house portfolio from Avant Homes for £20m. The sale-and-leaseback transaction was made on behalf of Moorfield Real Estate Fund IV. The portfolio comprises a mix of two, three, four and five-bedroom detached and semi-detached show homes. Avant will lease the homes back on an average term of three years. On expiry of the leases, Moorfield will sell the homes or move them into its build-to-rent portfolio. Moorfield’s head of origination, Ross Netherway, said the deal was the first of 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.” Chief investment officer Charles Ferguson-Davie added: “Despite the volatility caused by the Covid-19 pandemic, we remain convinced the residential sector will continue to be a resilient asset class, providing ongoing opportunities to generate outperformance on behalf of our investors.” Cushman & Wakefield advised Moorfield. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette