Knights has advised Glenstone REIT plc, one of the UK’s leading Real Estate Investment Trusts on its acquisition of the 100-year-old Clifford Property Company.
The Clifford portfolio, totalling £12.3m, consists of mixed-use assets based in the Southeast of England. Approximately 75% by capital value is located inside the M25 motorway which provides further diversification to Glenstone’s existing portfolio. The gross running yield of Clifford’s portfolio (6.75%) mirrors that of Glenstone’s. The approximate value of the deal totals £13.5m.
Glenstone Managing Director, Ben Green, comments, “We are thrilled to welcome Clifford to Glenstone. Our existing shareholder base and Clifford’s are aligned in their investment approach and core values. Clifford have invested prudently and join the group carrying no existing debt. This transaction illustrates the huge benefits of private property companies taking corporate paper into our REIT structure. Our ambitions remain to grow Glenstone whilst maintaining an accessible Board and structure for all shareholders.”
“It was a pleasure to work with the Knights team, who once again helped us to drive the deal over the line, navigating through and advising on the key issues for us.”
Following the completion of the transaction the Glenstone group will now have a combined net asset value of circa £135m.
Glenstone REIT plc is a Real Estate Investment Trust, listed on The International Stock Exchange. Glenstone has successfully operated in the property investment sector for over 50 years and continues to expand its portfolio of investment property through the acquisition of investment assets and privately-owned property investment companies based in the UK.
The Knights Team was led by Hannah Tessyman and Tom Bower, with support from Grace Hill.
Hannah Tessyman, Corporate Partner at Knights comments:
“We are delighted to have completed another key acquisition for Glenstone, adding significant assets to its expanding portfolio.”
Knights is one of the fastest-growing legal and professional services businesses in the UK. With 26 offices nationwide, Knights is ranked within the top 50 UK law firms by revenue – with specialists in all key areas of corporate, real estate and commercial law.