Meeting strategic M&A needs in the residential Real Estate sector

Eversheds Sutherland has advised Urban&Civic plc (Urban&Civic), a leading UK Master Developer, on its acquisition of L&Q Estates from London & Quadrant Housing Trust (L&Q), one of the UK’s leading housing associations.

The acquisition, which is now unconditional and will complete shortly, will enable Urban&Civic to expand its portfolio into Milton Keynes, a key target geography for the company, whilst also widening its commitment to strategic interventions in high growth locations.   

Catesby Estates, the land promoting subsidiary of Urban&Civic, will also benefit substantially from expansion into new target areas. Consistent with its current approach, it will also move forward those sites made directly available to housebuilders once consent is secured, thereby further strengthening market competition.

L&Q Estates, previously Gallagher Estates, was purchased by L&Q in 2017 to unlock land for housing development on a regional basis. Thousands of new homes have since been delivered across the Midlands and South East. 

L&Q’s corporate strategy is now focused on prioritising investment into existing homes and services and targeting growth in London and Greater Manchester.

Corporate Partner, Theresa-Marie Stodell led the Eversheds Sutherland team comprising: Partners Phil Medford (real estate), Peter Harper, (competition, trade and foreign investment), Colin Askew (tax) supported by Stuart Strachan (Senior Associate, competition, trade and foreign investment), Ross Boddy (Associate, corporate), Oliver Hartland (Associate, tax) and members of the real estate team including Principal Associates, Monnaza Hassan, Amelia Gibbons, Nicola Woods, Eilian Hughes, and Morven Alexander (Senior Associate).

The global law firm advised on all elements of the transaction including the corporate acquisition, real estate due diligence and competition. 

Theresa-Marie Stodell, Eversheds Sutherland, commented:
“We’re thrilled to have successfully delivered this deal for Urban&Civic – a notable transaction that has helped it to realise a number of its own strategic corporate objectives, while equally enhancing its external opportunities within the wider residential real estate markets. 

“It’s been an absolute pleasure to work with the team, and we look forward to continuing to support them on future opportunities.”

James Scott, Urban&Civic, commented:
“We’ve enjoyed working with Eversheds Sutherland for a number of years on real estate legal matters and knew they had the breadth of corporate, tax and real estate experience for this important transaction. We have been particularly impressed with the high performing, partner-led approach. Theresa-Marie and the team supported us at every stage and we worked collaboratively to address and resolve the inevitable challenges that arise. We now look forward to the opportunities the completion of this deal will unlock at a time of renewed vigour in the planning system.”