Mark Dakeyne’s team at Wragge & Co won the role of adviser on this deal with Richmond Land via a longstanding relationship with private property company Richardson Group, parent company of Foxborough Developments. Carillion is also a client of Wragges. The partnership purchased interests in nine existing property development schemes from Richmond, with an anticipated end value in excess of £100m.
The decision to form a partnership arose after the original funder for the schemes withdrew from UK retail investment and Richmond approached the Richardson Group. The deal involves a revolving facility from Richardson and Carillion. The scale of the investment was not sufficient enough to benefit from a limited partnership structure and all parties were keen to stay involved rather than bring in a general manager.
The partnership may also elect to buy into a further 12 schemes.