Global law firm Eversheds has advised contemporary property developer Urban Splash and its shareholders on a business restructure, involving the creation of a new holding company called Urban Splash Holdings.

The new management company and a number of the asset holding companies are entirely free from bank debt and will be the entities via which Urban Splash will undertake new projects going forward; both on their own and in joint venture partnerships.

Urban Splash Management Limited will provide residential and commercial property management, sales, marketing and development advice services to other Urban Splash companies.

The changes come following today’s deal which saw one of the UK’S largest landlords – Places for People – acquire part of the Urban Splash residential portfolio. The new Urban Splash Management Limited, an entity Eversheds advised on, has been retained to continue to manage this portfolio.

The Eversheds team was led by partner Nigel Dale assisted by Senior Associate Julia Flattery and Associate Sarah Duignan.

Nigel commented: “This deal is extremely positive for Urban Splash, allowing it to continue to build up the business and continue its development of important and award winning regeneration projects.”

Urban Splash Co-founder Tom Bloxham said: “This restructure, sale of the residential portfolio and setting up of a sales and management agreement with Places for People signals the start of a new beginning for us.

“We are pleased that we have now been able to undertake a corporate restructure and place individual properties and relevant debt into new legal entities. Over the last 20 years, we are very proud of our track record for transformation, which has been recognised with 342 awards. We hope that this restructure will allow us to continue helping to regenerate the UK.”