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Nabarro advise on two acquisitions for Rugby Estates Investment Trust since its flotation in May
22 October 2007
Nabarro has advised Rugby Estates Investment Trust Plc (“Rugby Estates IT”) on its first two acquisitions since floating earlier this year.
Rugby Estates IT has acquired City Lands Investment Corporation Limited for £17.2 million and JRPA Properties Limited for £17.7 million. Both of the target companies were privately owned family businesses. In the case of City Lands, a majority of its shareholders were descendants of the four original founders of the company who set it up back in 1890.
In both cases, Rugby Estates IT was able to acquire the target company with its significant latent capital gains knowing that these gains can be extinguished when the company eventually becomes a REIT, subject to payment of the 2% entry charge into the regime. Also Rugby Estates IT believes there to be plenty of scope to enhance the value of the portfolios with more active management, using the skills of Rugby’s asset management division.
The Nabarro team on both deals was led by Warren Taylor (corporate) and Neil Biswas (real estate). They were assisted by Rajni Jayasekera and James Archibald (corporate) and a large real estate team led by Charlotte Miller and Jo Marshall. The sellers of City Lands was advised by Russell Cooke and the sellers of JRPA Properties by Warner Goodman and Lawrence Guyer.
Warren Taylor, corporate partner, commented:
”Having advised on the flotation earlier this year it was great to be working with the company on its first two acquisitions. We look forward to working with it again in the future as it continues with its acquisition strategy. Both acquisitions represent a good example where the client can unlock good property assets which otherwise may not have come on to the market.”
For further information please contact:
Charlotte Tandy
Lansons Communications
T +44 (0)20 7566 9706
Charlottet@lansons.com
or
Warren Taylor
Partner, Nabarro
T +44 (0)20 7524 6392
w.taylor@nabarro.com
