Emily Troubridge
Emily is a principal associate in the corporate group and a member of the investment funds team. She has particular experience in listed closed-ended investment funds and corporate real estate and has worked on a wide range of transactions including IPOs, secondary issues, M&A (both on and off the public markets), joint ventures, fund formation and restructurings.
Highlights
- Advising Tufton Oceanic Ltd, a fund management firm specialising in maritime transportation on the launch of its first listed investment company on the specialist fund segment of the London Stock Exchange and associated fundraising of US$91 million.
- Advising AEW on the launch of its second real estate investment trust (REIT) on the premium segment of the London Stock Exchange, AEW UK Long Lease REIT plc alongside an associated £80.5 million fundraising and an on-going share issuance programme.
- Acting for an AIM-listed private healthcare provider on a recommended cash takeover offer by a private equity business for c. £75.2 million and subsequent de-listing from AIM.
- Acting for long-standing client Empiric Student Property plc, a real estate investment trust (REIT) specialising in student accommodation, on a series of public fundraisings including two year-long share issuance programmes for, in excess of, £520 million as well as advising on a number of private indirect real estate asset acquisitions amounting to £80 million.
- Acting for RM Secured Direct Lending plc, a listed investment trust, on its launch on the premium segment of the London Stock Exchange and subsequent fundraisings.
- Acting on a complex and competitive £300 million public takeover of an engineering business undertaken by way of a scheme of arrangement.
- Advising a property company in establishing a joint venture with a well-known property developer and the initial acquisition of its first real estate asset.
- Advising on a complex joint venture/shareholders' agreement between a property company and a developer to acquire a property and undertake the construction of a mixed use development scheme.
- Advising on a number of cross-border private acquisitions for a large private investment fund specialising in commercial property and property related assets.
- Acting for Chenavari Investment Managers on the launch of their structured credit fund, Toro Limited, on the specialist fund market.
- Acting for US fund manager Gabelli Funds, LLC on the launch of its investment trust, Gabelli Value Plus+ Trust plc and its associated £100million fundraising.
- Acting for Jefferies International Limited on the launch and associated £200 million fundraising of VPC Specialty Lending.
Clients
Listed and private entities (UK-based and international), investment fund managers, investment banks, brokers and financial advisers.
Experience
Investment funds
Advised on a series of public fundraisings and private M&A transactions for REIT client Empiric Student Property plc including putting in place a year-long £300million share issuance programme. This gave them the ability and flexibility to undertake separate tranches of equity fundraising by way of placings, offer for subscriptions or open offers. Also guided the client through the private acquisition of two corporate vehicles holding seven properties between them for a value of £41.6million.
Acted for Chenavari Investment Managers on launching their latest structured credit fund. This was a highly complicated transaction involving a roll-over from an existing Luxembourg fund to a new Guernsey listed fund vehicle and was undertaken under an aggressive time table to create the first publicly listed vehicle in the market combining an actively traded Asset Backed Securities strategy alongside an originator-driven structured credit strategy.
Successfully completed various cross-border private acquisitions for a large private investment fund specialising in commercial property and property related assets. This involved, in each case, purchasing an offshore corporate vehicle holding a UK based property, transferring the property out of the newly acquired subsidiary and subsequently liquidating the subsidiary so the asset could be held directly by the fund.
Acted for significant US fund manager Gabelli Funds, LLC on the £100m fundraising for its new investment trust, Gabelli Value Plus+ Trust plc, in conjunction with listing the fund on the premium listing segment of the Official List and admission to trading on the London Stock Exchange's main market for listed securities. The complex transaction involved another tight timetable which was delivered, much to the client's satisfaction, in just under two months.
Acted for Jefferies International Limited on the £200million fundraising for VPC Specialty Lending in conjunction with its shares being admitted to the premium listing segment of the Official List and to trading on the London Stock Exchange's main market for listed securities. This was one of the largest IPOs in the listed funds markets in the first half of 2015 and was a success for both Jefferies and the company.
Other
Advised Hyder Consulting plc in their complex £300million takeover, by way of scheme of arrangement, by ARCADIS. This involved a tense cross-border bidding war between ARCADIS and its Japanese rival Nippon Koei and resulted in a very satisfactory outcome for the company which was able to recommend a much higher offer to their shareholders.
Successfully put in place a shareholders' agreement for two founders of a start-up recruitment business who wanted to offer shares in the company to one of their employees. Subsequently advised on the terms of the agreement including the undertaking of a share buyback when the employee left the company and was required to sell back their shares.
Involved in the negotiations of a joint venture agreement, joint operating agreement and related share purchase agreement for a property company setting up a real estate joint venture with a well-known property developer.
Advised a private renewables company on the purchase of two solar PV projects in the south of England.