Gowling WLG advises The Conygar Investment Company PLC on complex sale of its Investment Property Portfolio

3 minute read
05 April 2017

A cross departmental team at Gowling WLG advised long standing AIM listed client, The Conygar Investment Company PLC ("Conygar") on the disposal of the Special Purposes Vehicles ("SPV's") that owned its investment property portfolio.

The purchaser was Regional Commercial Midco Limited (the "Purchaser"), a wholly owned subsidiary of Regional REIT Limited and the consideration payable attributed a value to the investment property portfolio being sold of approximately £130 million.

As part of the transaction the Purchaser agreed to assume the obligations and liabilities owned by Conygar to its subsidiary Conygar ZDP PLC, a separate entity whose zero divided preference shares ("ZDP's") are listed on the London Stock Exchange.

On the corporate side, the Gowling WLG team was led by corporate partner Nick Heather who was assisted by tax partner Michael Murphy, principal associate Amar Adatia and associate Vijan Ghedia.

On the real estate side the Gowling WLG team was led by real estate partners Huw Roberts and Sarah Galvin assisted by associate Natasha Brown.

Commenting on the transaction Nick Heather said; "It was a very involved and complex transaction that had a significant number of moving parts. In addition to the considerable real estate Conygar had to implement and complex restructuring of the group prior to completion and the transaction also required the prior consent of Conygar Shareholders and the holders of the ZDP's issued by Conygar ZDP PLC. The upshot is that Conygar is now debt free and able to concentrate on the significant development projects that it currently has in the pipeline".

Gowling WLG was also assisted by Ogier in the Channel Islands. The Purchaser and Regional REIT Limited were represented by Burness Paull, Macfarlanes and Bedell Cristin.

Gowling WLG's leading Investment Funds team has a strong reputation for closed ended listed funds, advising issuers, investment management houses and the investment banks and brokers that advise them. It brings together experts in tax, corporate, finance, regulatory and dispute resolution to provide a full legal service to Investment Fund clients.

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