Metropolitan snaps up RE stake in Moorfield’s second fund

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infrastructure real estate building site craneCarlyle-backed Metropolitan Real Estate Equity Management has purchased a stake in Moorfield Real Estate’s second fund, AltAssets understands.

The real estate fund manager, which has more than $2.6bn in capital commitments, purchased the sake from The William and Flora Hewlett Foundation according to a filing with The Gazette.

Moorfield Real Estate Fund II closed in 2007 on $390m and out of the 15 investments the vehicle made, only Sovereign Reversions and Audley Group remain in the portfolio according to its website.

Back in February, US private equity major Lone Star Funds bought a real estate investment portfolio from UK firm Moorfield Group for around £1bn.

The portfolio included both traditional real estate investments such as retail and offices as well as hotels, residential and student accommodation.

Carlyle bought Metropolitan back in September 2013 and made it part of its solutions group, which also includes AlpInvest Partners and Diversified Global Asset Management.

Earlier this year, Moorfield Group held the final close of its Real Estate Fund III on £350m.

LPs invested in the fund are split between existing and new relationships, said the firm, with investors based in the US, Europe and Japan.

Copyright © 2015 AltAssets

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