Nabarro advises on Urban&Civic's £34 million acquisition of Catesby Property Group

This article was produced by Nabarro LLP, which joined CMS on 1 May 2017.

Nabarro has advised longstanding client, Urban&Civic on its £34 million acquisition of Catesby Property Group, a well-established, planning led, strategic land company set up in 1996 by Eric Grove. The consideration was a mixture of cash and shares in Urban&Civic. This follows Urban&Civic's reverse acquisition by AIM-traded Terrace Hill and £325 million move to the main market last year, which Nabarro also advised on.

Catesby specialises in residential land promotion and commercial property development. Significantly, in the context of Urban&Civic’s enlarging housing pipeline in good local economies with direct national rail connections, Catesby has an 82% interest in the urban extension of Newark-on-Trent, Nottinghamshire, which has planning consent for 2,600 units.

The intention is that Newark will be developed in accordance with Urban&Civic's strategic business model of selling serviced plot parcels, having invested in infrastructure and high quality public realm and services.

Leading the Nabarro team was Real Estate partner, Ciaran Carvalho and Corporate partner, Iain Newman, with support from Real Estate senior associate Michael Beanland, Corporate senior associate Jack Shepherd, associate Sioned Bates and trainee Sabby Buwal. Partners Kirsten Prichard-Jones and Graham Muir and associates Linda Abad and Andrew Brooker from the Tax team along with associate Sarah McAvoy from the Pensions team were also involved in the deal. Eversheds and Wragge Lawrence Graham advised the sellers and Mills & Reeve advised Urban&Civic on certain elements of the due diligence.

Nigel Hugill, Executive Chairman of Urban&Civic, commented:

“This is a very happy outcome for both companies. Catesby has achieved consistent, planning led success over almost 20 years, and incorporation within Urban&Civic will enable the key Newark project to be developed in accordance with our business model that invests early in community infrastructure and public realm. Eric Grove brings a wealth of knowledge and experience and is a most welcome addition to our shareholder base.”

Ciaran Carvalho, partner and Head of Real Estate at Nabarro, said:

"This is a great deal for Urban&Civic and follows a string of high-profile developments by the company since its reverse takeover by Terrace Hill, including the appointment as development manager for a 6,500 residential development at Waterbeach, Cambridgeshire, and the acquisition of sites totalling 800,000 sq. ft. in Manchester for residential, hotel and student accommodation. These are exciting times for Urban&Civic and we look forward to continue working with them."