International law firm Womble Bond Dickinson (WBD) has advised Hearthstone Investments’ private equity fund, Hearthstone Residential Fund 2 (HRF2), on two recent acquisitions.
The deals represent part of £93 million worth of acquisitions over the past year for the private rented housing specialist, with over 300 new homes now added to their growing portfolio.
WBD was instructed on the acquisitions of 66 properties on the Kedleston Grange Estate in Allestree, Derby, and 31 properties at St James' Park, Whittington Way, Bishop's Stortford. The firm acted on all aspects of both transactions for the client which included legal due diligence, drafting and negotiating build and land sale agreements and attending to necessary formalities to ensure smooth handover of the new homes.
A cross-office multi-disciplinary team of lawyers from WBD advised Hearthstone, led by Real Estate Partner, Tom Willows, and Associate, Stephanie Mallery, with support from Josh Fraser (Planning Solicitor), Chelsie Rapley (Trainee Solicitor), Abigail Langstaff (apprentice solicitor) – all based in Newcastle – Fiona Oliver (Solicitor, Southampton) and Ben Brooks (Associate, Plymouth).
Hearthstone is a long-standing client of WBD with the firm having advised the company from 2019 to 2022 on significant multi-site deals with a national housebuilders.
Tom Willows commented:
"We are pleased to have advised Hearthstone Investments on two exciting additions to their ever-growing portfolio, which will see the development of more than 90 properties in locations where there is substantial demand for private rented housing. This represents the latest in a number of transactions handled for Hearthstone and we're proud to have developed a highly effective and long-standing relationship with them."
Helen Simons, Investment Director at Hearthstone Investments, added:
"Our growing portfolio now numbers over 1,800 houses and apartments, in targeted communities across the country. In partnership with our investors, we are committed to ensuring those who choose to rent their homes can benefit from some of the best stock in their local area, with the confidence that their homes will be energy efficient, well maintained and well managed.
Once again we extend our thanks to Tom and the whole WBD team for the first rate legal expertise we have come to expect from the firm over the years."
