8 March 2017
- Sarah Thomas, Lindsay Mann, Andrew Elliott, Melissa Sykes, Elizabeth Hardacre, James Shepherd, Katie Kempthorne, David F Saleh, Edward Page, Vanessa Marsland, Chris Goodwill, Francesca Baker
Clifford Chance advises L&Q on the acquisition of Gallagher Estates for £505 million
A cross-practice team has advised new client L&Q on the acquisition of Gallagher Estates for an enterprise value of £505 million.
The deal is the largest land transaction undertaken by any housing association and places L&Q, a charitable housing association committed to solving the UK housing crisis, as one of the leading developers of new homes across the UK.
Gallagher Estates will become a wholly owned subsidiary of L&Q, and will continue to be run by the current management team as a stand-alone entity with the deal enabling L&Q to use the portfolio of sites for its own developments with any sites it chooses not to pursue itself being sold to private house builders.
The acquisition of Gallagher Estates follows L&Q’s merger with East Thames Limited to create one of the largest housing associations in the country with ambitious plans to enable the delivery of 100,000 new homes in the next ten years.
The Clifford Chance team was led by Global Head of Real Estate and London Head of Real Estate Jonathan Solomon, and Senior Real Estate Counsel Sarah Thomas.
Commenting on the transaction, Jonathan Solomon said:
"We are delighted to have advised new client L&Q (in close co-operation with L&Q's regular law firm, Devonshires) on this landmark transaction which paves the way for much need affordable housing provision. This deal follows our advice to Wells Fargo and AIG in relation to Quintain's redevelopment of Wembley which will provide 4,800 homes, and demonstrates our ongoing focus on the UK housing sector"
The team also comprised of Real Estate senior associates Andrew Hughes and Lindsay Wiltshire, and associates Andrew Elliott, Daniel Steele and Melissa Sykes. Planning advice was provided by senior associate Elizabeth Hardacre. Environment advice was provided by senior associate James Shepherd and associate Katie Kempthorne. Tax advice was provided by Head of Real Estate Tax David Saleh and associate Ed Page. IP/IT advice was provided by partner Vanessa Marsland and senior associate Anna Blest. Employment advice was provided by Chris Goodwill and senior associate Francesca Baker. Insurance advice was provided by senior associate Maximilian Buttinger.
The team from Devonshires compromised of Partner Neil Toner (Head of Real Estate), Consultant Andrew Crawford (Corporate) and Partner Julian Barker (Finance).