International law firm Pinsent Masons has advised Ciref Plc, the London based AIM listed property investment vehicle, on its placing of new shares to raise £38 million (approx. 42 mln.), subject to shareholder approval. Following completion of the placing Ciref, which will remain listed on AIM, will become the international expansion vehicle of the then majority shareholder Redefine Income Fund Limited, a South African property fund listed on the Johannesburg Stock Exchange.
Commenting on the £38 mln. placing, Michael Watters of Ciref said "This transaction will allow Ciref to restructure a number of shopping center schemes, including certain previously owned in conjunction with our former JV partner Modus Group, as well as providing a strong platform for us to pursue other investment and asset opportunities. Once again the Pinsent Masons team delivered an excellent result for us, as they have done on several corporate deals over the last few years. They take the hassle out of the legal process for us, allowing us to get on with the day job with full peace of mind."
Ciref is a Jersey registered closed-ended property investment and development company. It invests in commercial real estate primarily in the United Kingdom and Europe, with a focus on retail and commercial assets. In the UK it has interests in various retail and shopping center premises, including, Birchwood Shopping Centre in Warrington, Delamere Place in Crewe and West Orchards Shopping Centre in Coventry.
The Pinsent Masons team advising Ciref was led by Corporate Partner Howard Gill assisted by Chris Moss (Partner), James Fitzgibbon (Solicitor) and Helen Loizou (Trainee).
Howard Gill commented: "We are extremely pleased to have advised Ciref on this firm placing which will allow the company to make selected acquisitions and investments in line with its growth strategy. Pinsent Masons was well placed to advise AIM listed Ciref, having been ranked yet again number one in Hemscott's latest quarterly table of Law Firms by Number of AIM Clients."
Source: Pinsent Masons