Moorfield has sold The Keel, a 240 unit Build to Rent (BTR) scheme in Liverpool, on behalf of MREFIII for £46.8m to Barings Real Estate.
The Keel comprises 240 apartments, with 425 beds, across 170,500 sq ft arranged over five floors. Formerly home to HMRC, the Keel was converted in partnership with Glenbrook into one of the UKs first designed for rent residential developments. Amenities include a manned concierge operation, an on-site gym, 207 car parking spaces and coordinated activities for the residents.
Moorfield also sold adjoining consented land, which will comprise c.260 apartments and take the scheme overall to c.500 units.
The Keel was delivered in 2015 and was one of the first BTR projects delivered in the UK and we are proud to have been at the forefront of this new and emerging sector. We have learnt a great deal from operating The Keel, which we will bring to our three other BTR projects (two in Manchester known as The Trilogy and Duet and one in Newcastle known as The Forge).
We will now be looking to identify new opportunities on behalf of our new fund, MREFIV, which is targeting further investments in the BTR sector, alongside; student accommodation, logistics, mixed-use projects and infrastructure-led opportunities.