DWF advises Moorfield Group on acquisition of Velocity Village
Business law firm, DWF, has acted for Moorfield Group (Moorfield) on behalf of the Moorfield Real Estate Fund II (MREFII) to buy Velocity Village in Sheffield.
The DWF team, led by Simon Meek and Charles Jackson, oversaw the transaction, providing transaction management as well as co-ordinating the legals on the banking, commercial, corporate, tax and legal due diligence of the transaction.
Moorfield is a UK real estate and real estate related investor, developer and private equity fund manager. It currently manages a £3billion portfolio through its real estate funds.
Developed between 2004 and 2010, Velocity Village is a 612,000 sq ft mixed-use commercial and residential development located on Tenter Street in Sheffield City Centre and comprises 364 apartments and more than 100,000 sq ft of commercial office and retail space with over 550 parking spaces, all set across five buildings.
DWF already provides property management legal services for Moorfield’s West Riding House development in Leeds, Towers in Didsbury, and its Sovereign equity release portfolio through a joint venture with Grainger plc.
Commenting, real estate partner at DWF, Simon Meek said: “it is a pleasure for us to act for Moorfield on this transaction – an exciting new acquisition for them.
Sadie Chave from Moorfield, added: “Simon, Charles and the team have provided excellent support throughout the process and offered a commercial approach to their legal advice.”