Shoosmiths advises Moorfield on forward-funding agreement for £120m BTR scheme
February, 2024 - Milton Keynes, England
A multi-disciplinary team of Shoosmiths real estate experts have advised the Moorfield Real Estate Fund and its fund manager, Moorfield Group, on a forward-funding agreement for a 440-home build to rent (BTR) scheme in Manchester.
The law firm acted for the real estate fund on its agreement with developer Glenbrook Property and the scheme, part of the Lumina Village development, is set to complete in 2026, with a £120m gross development value. It will be the fourth, and largest, project that Moorfield and Glenbrook have done together.
Lumina Village forms part of the Civic Quarter Master Plan. This wider regeneration project, located near to Manchester United’s Old Trafford football stadium and the Old Trafford cricket stadium, is providing up to 4,000 new homes, public realm, green areas and 50,000 sq m of office and commercial space, with c.20 hectares of brownfield land also being redeveloped.
Pablo Hutchinson Nunez, investment associate at Moorfield Group, said:
“Reaching this milestone is a huge achievement and Lumina Village will be a fantastic asset in one of the UK’s most attractive BTR markets. This was a complex transaction involving a number of different parties and Shoosmiths’ sector knowledge, experience and commitment was invaluable in helping us get the deal across the line.”
Shoosmiths acted for Moorfield in relation to all legal aspects of the transaction, including the purchase documentation and development-related agreements with Glenbrook. The firm also advised on construction and planning matters, as well as real estate finance.
Leading the law firm’s deal team were real estate partner Simon Meek and legal director Charles Jackson, with specialist advice from construction partner Rick Atha, planning partner David Mathias, and real estate finance partner Liz Sweeney.
Charles Jackson, real estate legal director at Shoosmiths, said:
“The UK’s build to rent sector continues to go from strength to strength. We were proud to work with Moorfield on this project, which demonstrates BTR’s potential and how it can be a catalyst for regeneration - transforming locations, stimulating economic growth and boosting residential supply.
“As one of the largest transactions of its type to complete in Manchester in recent years, this was a complex deal requiring specialist input from our real estate, construction, real estate finance and planning teams. Its conclusion is testament to Shoosmiths’ in-depth knowledge of the BTR market and ability to assemble a multi-disciplinary team of real estate specialists. We worked collaboratively with the various other parties involved to ensure a successful outcome and bring forward this transformational scheme.”
