Moorfield Group Selects RealPage’s YieldStar Revenue Management Solution for UK Build-to-Rent Portfolio
LONDON--(BUSINESS WIRE)-- RealPage, Inc. (NASDAQ:RP), a leading global provider of software and data analytics to the real estate industry, today announced that UK-based Moorfield Group, a leading UK specialist private equity real estate fund manager, selected its YieldStar® revenue management solution for deployment across the Moorfield Funds build-to-rent (“BTR”) properties. Moorfield Group will be one of the first UK build-to-rent developers and managers to implement the YieldStar Revenue Management System in the UK.
“At Moorfield Group, we focus on innovation and understand the importance of early adoption of key technologies and software to maximize our efficiency,” said Heiko Figge, the company’s Head of Hospitality, Leisure and Operations. “YieldStar allows us to manage our rental streams and offerings to maximize revenue, and captures historical data that enables us to accurately predict future letting trends. We see the early adoption of a sophisticated revenue management system as another sign of our commitment to the BTR space. We have extensive experience in the hotel sector and therefore the employment of a yield management system was an obvious next step as we will be bringing another 500 units to the market this summer.”
Deployments will begin with The Keel, a 240-unit purpose convert BTR scheme in Liverpool, which represents a milestone as the first UK new-generation build-to-rent scheme completed outside London. Moorfield Group will also leverage YieldStar on its assets in Newcastle (The Forge) and Manchester (The Trilogy), which both open this summer.
Moorfield Group chose YieldStar based on its ability to support inventory management for the company’s portfolio of properties. “In our review of other revenue management solutions, YieldStar became the obvious choice given its extensive experience and deployment in the US and the steps they have already taken to align their product to the UK market,” said Figge.
Broadly adopted in North America, YieldStar’s algorithm considers internal supply and demand, competitive influences, asset attributes and consumer demand to optimize revenue for every unit, every day across millions of apartment homes.
“YieldStar’s capabilities complement our overall business strategies, and allow us to deliver premium rents that are aligned to our target markets,” said Figge. “With YieldStar, we can empower and incentivize our managers to take calculated risks to drive optimal performance.”
“We are delighted to be have been selected by the Moorfield Group for implementation across its BTR platform,” said Keith Dunkin, Senior Vice President of Asset Optimization at RealPage. “Moorfield has been a first mover in the UK build-to-rent space and has a significant pipeline of over 700 units for delivery over the next 18 months. We are looking forward to getting the software into place to help Moorfield maximize performance for its investors.”
RealPage is a leading global provider of software and data analytics to the real estate industry. Clients use its platform to improve operating performance and increase capital returns. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves nearly 12,500 clients worldwide from its offices in North America, Europe and Asia. For more information about the company, visit https://www.realpage.com.
About Moorfield Group
Moorfield is a UK real estate investment specialist with a 21-year history and track record of investing across a broad range of established and emerging real estate sectors. It currently has c.£2bn under management and has raised c.£1.5bn since 2005 via its value–add MREF funds and its dedicated senior housing platform MAREF. Two of the three MREF funds have now been realised, MREFIII and MAREF are substantially committed and MREFIV achieved a first close in October 2017.
Moorfield is a proactive asset, operational and financial manager of both traditional and alternative real estate with significant experience in managing and repositioning multifaceted investments. The MREF funds make investments both directly and indirectly through corporate vehicles and joint ventures. Assets are either acquired with a view that they will be sold individually once the business plan has been achieved or as part of creating portfolios and platforms to enhance returns. Moorfield also supports entrepreneurial management teams that want to grow their real estate backed businesses or that want to take specific advantage of market opportunities.
For more information on Moorfield Group, visit www.moorfield.com.
Source: RealPage, Inc.
Released February 5, 2018