Devonshires and Clifford Chance have advised London & Quadrant (L&Q) on its acquisition of Gallagher Estates, in a deal worth approximately £505m.
Warwick-based 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.
Neil Toner, Head of Real Estate at Devonshires said: “We fielded a team of more than 30 from our real estate and projects, corporate, banking, housing management and employment and pensions departments, bringing a wide range of expertise to this complex and ground breaking deal.
“We’re delighted to have supported L&Q in this major transaction and to be playing our part in its strategic growth strategy.”
Katie Maguire, Devonshires’ employment and pensions specialist added: “Due to the very different nature of this acquisition to what L&Q has historically been involved with and the fact that geographically, Gallagher Estates represents a different location for L&Q, the deal raised a number of unique pension and employment related issues which we successfully advised on throughout.”
The acquisition of Gallagher Estates follows L&Q’s merger with East Thames Limited, which Devonshires also advised on.
David Montague, Chief Executive of L&Q said: “Through this deal, L&Q will unlock land for development across a wider range of tenures, and speed up the delivery of new homes through our ability to invest over the long term.
“It will also add the significant skills and expertise of one of the UK’s leading strategic land companies, and allow L&Q to take a lead role in housing delivery on a regional basis, whilst generating significant resources for reinvestment into new affordable housing.”
L&Q’s aim is to build 100,000 homes in 10 years. Gallagher Estates controls plots of land which will deliver 42,500 new homes, mainly in the South and South Midlands.
Devonshires is one of the leading providers of legal services to registered providers such as L&Q. Its experience ranges from providing strategic advice to executive boards through to legal work related to the management and development of property portfolios.
Housing has been a principal area of Devonshires’ business for more than 30 years, giving it a market leading position and top rankings in both Chambers UK and the Legal 500 directories.