WBD has advised Hearthstone Investment Management's private equity fund, Hearthstone Residential Fund 1 (HRF1), on its single largest deal to date with a major national housebuilder, to acquire 72 houses.
In a significant multi-site deal with a national housebuilder, HRF1 has agreed to purchase 72 two, three and four bedroom houses scheduled to be completed this year. The new build homes are located in Exeter (28), Bicester (11), Rugby (9) and Pontefract (24).
The team at WBD was led by Real Estate partner Tom Willows. The cross-office multi-disciplinary team included Stephanie Mallery, Christopher Stephens, Jennifer Edwards, Sarah Robe, Kate Ashworth, Gemma Bourne, Lee Parbery, Elizabeth Tones, Ben Wright and James Richardson.
Tom Willows comments:
"It was great to work with the team at Hearthstone Investment Management to secure a contract in short order before the end of the year and which will see the development of houses in locations that are expanding, have good infrastructure and transport connections and strong local economies. We were able to provide Hearthstone Investment Management with a dedicated multi-disciplinary team covering a number of areas including residential, planning and tax to enable the transaction to proceed smoothly to exchange of contracts in a short time frame."
Ranking in the UK's top 20 law firms, WBD provides legal expertise in eleven key sectors from across eight offices in the UK and 18 offices in the US. The firm's housing and real estate client portfolio in the UK includes Homes England, Akelius, Bellway, Persimmon, Taylor Wimpey, RentPlus, Grainger and Places for People.