Moorfield closes in on Great Northern for £95m

Investment group Moorfield is being tipped as the frontrunner to buy Capital & Regional's Great Northern Warehouse in Deansgate, Manchester for £95m.

The Great Northern initially struggled to fill its 500,000 sq ft in the face of competition from rival schemes such as the Printworks opening at the same time. Great Northern is now fully let.

C&R bought out its joint venture on Great Northern, AWG Developments, in 2005 for £18m.

Last week, C&R was forced to issue a statement reassuring investors that it was working to ensure that The Mall shopping centre fund in which it has a 24.2% stake was not about to breach its lending covenants.

Franc Warwick is advising C&R on the Great Northern.

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