Clyde & Co have advised leading housebuilding and construction group, Galliford Try plc, on agreements to acquire the 50% interest held by Bank of Scotland in its joint ventures undertaking residential development in Colchester, Harlow, Hammersmith and St Albans, taking Galliford Try’s ownership to 100%.
Through this deal, Galliford Try has significantly boosted its landbank of plots for development, at current market values, in line with the Company’s strategy for expanding its housebuilding business following its rights issue in October 2009.
The Clyde & Co team was led by projects and structured finance partner, Peter Gray, assisted by Stuart Hutson and Sharni Clark. Peter, Stuart and Sharni joined Clyde & Co from Shadbolt LLP earlier this month.
Commenting on the deal Greg Fitzgerald, Chief Executive of Galliford Try plc, said:
“We are delighted to be able to acquire our partner’s interest in our London joint ventures and to bring the entire benefit of their future development potential into the Group. This acquisition helps to drive our housebuilding expansion plans forward strongly and, with the acquisitions of Rosemullion Homes and the assets of Wright Homes completed in 2009, demonstrates our ability to bring attractive opportunities to fruition.”
Speaking on behalf of Clyde & Co, Peter Gray (who had advised on the establishment of the joint venture) added:
"The original joint venture was a complex, corporate and financial transaction and the acquisition of the Bank of Scotland interest in it no less so. We were delighted to have assisted Galliford Try in closing this transaction with its beneficial effect on their future business opportunities."