Firms join forces in property deal

TWO companies have joined forces to buy and develop properties across Yorkshire.

Moorfield Group and Holbeck Land plan to acquire buildings within all sectors of the commercial market, including retail, office, industrial, leisure, hotels and student housing.

Holbeck Land, which is run by former directors of developer St James Securities, will identify partially or fully-occupied properties worth more than 20m. Moorfield, which owns The Ridings shopping centre in Wakefield, will invest on behalf of the Moorfield Real Estate Fund II, a geared fund which raised approximately 400m of private equity on closing at the end of 2007.

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Holbeck Land, whose current assets and development schemes include Belle Vue Mills, in Skipton, will manage the properties bought by Moorfield to increase their value in up to seven years.

Marc Gilbard, chief executive of Moorfield, said: "We are delighted to be in partnership with Holbeck Land whose expert regional knowledge and expertise is undoubted.

"I am confident Moorfield can draw on Holbeck Land's capabilities and we look forward to building a very substantial relationship with them."

Robert Firth, director of Holbeck Land, added: "The venture with Moorfield is a significant step in the growth of Holbeck Land and complementary to our established successful ventures and relationships. We are taking a contra cyclical view of the regional market with the current paucity of equity leading to opportunities for significant property and corporate acquisitions."

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He added: "An economy such as we have at the moment where financial pressures are creating problems for landlords and banks, throws up opportunities for those with cash and Moorfield is one of those.

"It raises money to look at assets as and when they become available."

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