Gibson Dunn steers London & Stamford AIM flotation

US firm Gibson Dunn & Crutcher has advised longstanding client London & Stamford Property on its £247.5m AIM flotation.

The deal was brokered by nominated adviser KBC Peel Hunt, which was advised by longstanding counsel Addleshaw Goddard.

London & Stamford is the commercial investment vehicle of property entrepreneurs Raymond Mould, Patrick Vaughan and Humphrey Price.

Mould and Vaughan previously started up Arlington Securities, which was sold to British Airways in the 1980s, and Pillar Properties, which was sold to British Land for £811m in 2005.

Gibson Dunn was previously involved in advising on the disposal of Pillar to British Land and London & Stamford has since been a client of Gibson Dunn partner Tom Budd. Corporate partner James Barabas also had a role on the AIM floatation.

At Addleshaws, corporate partner Simon Griffiths said the KBC relationship started when one of the firm’s trainees left to join the company and has since become a director.

Griffiths said there have been many large property funds that have floated on AIM this year due to its ease of listing compared with the US.

London & Stamford is a Guernsey-based company and was advised on this aspect by Guernsey firm Ozannes. Jones Day advised it on the property aspects of the transaction.