BLP has advised longstanding client Abu Dhabi Capital Management (ADCM), an alternative investment firm, on the public-to-private takeover of AIM-listed real estate developer Northacre plc. The transaction comprised an offer by a bid vehicle of ADCM for the entire issued share capital of Northacre, at 96p (approx. 1.15) per share. The offer values the entire issued share capital of Northacre at approximately £25.65 million (approx. 30.5 million)
This latest deal marks the third public takeover that BLP has advised on in the last six months, following our advice to Palmer Capital Partners on the public takeover of Invista Real Estate, and Panmure Gordon on the takeover of Corin Group by 2IL Orthopaedics. The deal also bolsters BLP's strong track record of acting on private equity transactions in the real estate sector as well as our profile within the MENA region.
The BLP team advising ADCM on this significant transaction was led by Private Equity Partner Raymond McKeeve, assisted by senior associate John W. Taylor and associate David Moore.
BLP's head of private equity Raymond McKeeve said:
"We are delighted to have advised our long-standing client ADCM on this significant transaction. The acquisition of Northacre will offer an excellent exposure to London's prime residential market, and bolster their portfolio. Northacre in turn will benefit by leveraging on ADCM's expertise and financial strength. This was a competitive situation and the BLP team managed to hit the 28 day put-up-or-shut-up deadline despite the offer period having started at an unusually early stage in the transaction."
Speechly Bircham and Ernst & Young advised Northacre and BLP collaborated closely with their client's financial advisor finnCap.