Womble Bond Dickinson (WBD) has advised longstanding US client, National Corporate Housing (National), on its first UK based acquisition.
The firm's Newcastle-based corporate and real estate teams worked on the acquisition alongside US Partners Dan Mackesey and Tom Sawyer. National is targeting significant growth in the UK and has already set aside £20 million to invest in leasing properties in London over the next three years.
National is one of America's largest temporary furnished accommodation specialists, with offices in 27 cities across the US and corporate housing throughout the United States, Canada, Asia Pacific, Europe and the Middle East. The organisation has completed its acquisition of the entire share capital of Waterside Apartments Limited (Waterside). The transaction was structured in two tranches (the first tranche completing in 2018) to enable National to get to grips with Waterside's business and incentivise the sellers to drive the business for another 12 months.
Waterside trade as West London Services Apartments offering corporate housing and serviced apartments to a range of blue-chip business travellers, relocation agents and booking agents in the Chiswick, Ealing, Brentford, Kew and Uxbridge areas of London. West London apartments offers the highest quality serviced apartments in the United Kingdom, ranging from one-bedroom apartments to luxurious penthouses in the most sought-after areas of West London.
Iain Pritty, Legal Director in WBD's Corporate Team, commented:
"This transaction represents another success story for our transatlantic combination and also how longstanding client relationships have a positive impact on the firm. It was a delight to work with National Corporate Housing and we look forward to continuing to work with our US colleagues in order to support our clients both locally and internationally."
Kregg Anderson, Chief Financial Officer of National, commented:
“It was a pleasure working with Iain and the WBD team on this transaction. We have a long-standing relationship with WBD domestically, and this was our first acquisition in the UK. WBD acted as a critical guide through local laws and practices, and made sure we were we were prepared to operate our business in a foreign jurisdiction. We look forward to working with the WBD UK team on many more transactions.”