Wragge & Co advises on £100 million residential development deal for The Miller Group
Wragge & Co's Residential Development team has completed a major deal for The Miller Group Limited. Following a competitive process, The Miller Group Limited has secured a development management contract with a residential development value of £100 million.
Under the contract involving Ludgate Hill Developments Limited, part of the McInerney Group, ten sites will be re-branded and integrated as part of the Miller Homes business. The sites are located in north England, the Midlands and North Wales.
Head of residential development Richard Bate and partner Ashley Mitchell led a cross-firm team on the deal. Real estate partner John Dixon led the due diligence. The team also included employment partner Jonathan Chamberlain and associate Hannah Swindle, finance partner Julian Pallett and solicitor Anna Jewitt and tax partner Lee Nuttall. The team worked closely with The Miller Group Limited's legal director and company secretary, Pamela Smyth, Miller Homes' legal director, Julie Jackson and The Miller Group Limited's HR manager, Alan Cadenhead.
Ashley Mitchell said: "This is the third significant deal in less than a year that we have secured for The Miller Group Limited in relation to the management of distressed assets. It further establishes the company as a provider at the forefront of this specialist area, which is likely to become increasingly prominent as banks take steps to reduce their exposure in the current economic climate. Our established relationship with Miller, our experience of large, high-value residential development projects and wide-ranging banking and employment expertise meant we were well-placed to provide the commercially-focused advice which was needed."
The Miller Group Limited is the UK's largest privately-owned house-building, property development and construction business. Wragge & Co has advised Miller for more than ten years, including on a £120 million deal last year with Thomas Mitchell Homes to develop nine residential sites in Scotland.
McInerney Holdings is an Irish-owned builder. Richard Heis, Brian Green and Paul Dumbell of KPMG were appointed as joint administrators of seven companies within the UK arm of the McInerney Holdings group on 4 April 2011. Freshfields Bruckhaus Deringer advised the administrators.
Wragge & Co's four-partner, 40-lawyer Residential Development team is one of the largest teams of its kind in the UK. With clients including both house-builders and social housing providers, the team forms part of the firm's 140-lawyer, full-service Real Estate group. Real estate highlights this year include advising Graftongate Investments on the pre-let of a 1.1 million sq ft industrial unit to Amazon and a £60 million acquisition for pub operator Young & Co's Brewery.
For further information about this press release, contact Kathryn Hobbs on +44 (0)121 685 2785, Bernice Marks on +44 (0)121 685 2708 or Liam Thompson on +44 (0)121 685 2943
This press release may contain information of general interest about current legal issues, but does not give legal advice.