Moorfield buys Ann Summers’ headquarters

Moorfield Group has purchased Ann Summers’ global HQ and UK distribution hub, as part of three acquisitions worth a total £25m. The fund manager bought four single-tenant logistics properties measuring a combined 205,322 sq ft, in three separate deals on behalf of Moorfield Real Estate Fund IV. The combined purchase price reflected a blended net initial yield of around 7%. Gold Group International, which is owned by Ann Summers boss Jacqueline Gold’s family, sold the 84,048 sq ft distribution warehouse in Caterham, Surrey, with an adjoining 3,500 sq ft roadside factory outlet. It is leased to the retailer for 13 years, expiring in 2032. In Gillingham in Kent, Moorfield has acquired two warehouses totalling 86,127 sq ft through a related-party sale and leaseback transaction with heating and ventilation firm Wozair. The tenant has agreed to lease back the units for 10-year terms. For its third transaction, Moorfield has bought a 35,148 sq ft modern freehold warehouse in Newbury from a fund managed by OLIM Property. The unit is leased to cleaning product wholesaler and PPE supplier Bunzl UK, with four years until expiry. Moorfield said the local council is undertaking a redevelopment programme for an adjacent industrial estate, which is likely to put further pressure on supply levels in the local area. Charles Ferguson-Davie, chief investment officer of Moorfield Group, said: “These acquisitions represent a rare opportunity to add three assets in sought-after locations, all set to benefit from ongoing occupier and investor demand. “We have identified several longer-term asset management opportunities to drive both rental and capital growth to complement the income return that the investments offer from the outset. “The logistics sector has been a major beneficiary of the acceleration in e-commerce growth caused by Covid-19, and in line with our broader investment strategy of identifying sectors benefiting from societal shifts, we have ambitions to further our exposure in the sector.” Since 2019 Moorfield has assembled an eight-asset, 870,000 sq ft portfolio of single-tenant warehouses in the UK on behalf of MREF IV. The news comes after Moorfield’s debut in the self-storage sector, with the launch of its joint venture with South African self-storage company Storage King. The joint venture aims to build an initial £50-100m portfolio of tech-enabled self storage properties in the UK. Moorfield was represented by ACRE on Caterham, DTRE on Gillingham and Savills on Newbury, with Womble Bond Dickinson providing legal advice on all three acquisitions. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette Photo: Geoff Moore/Shutterstock