Dundas & Wilson has acted for CALA Group Limited (CALA) as lead transaction counsel on its sale to Legal & General Group Plc (Legal & General) and Patron Capital Partners (Patron). The acquisition values CALA at £210m.

CALA has a premium market positioning and a presence across the UK in more affluent areas such as the Home Counties, the Cotswolds, and around Glasgow, Edinburgh and Aberdeen. As at 30th June 2012 CALA had gross assets of £354m and profit before tax for the year of £11.4m. CALA’s current land bank comprises approximately 15,300 plots, including 9,900 owned and contracted, and a longer term strategic land bank of circa 5,400 plots. Owned and contracted plots represent approximately 10 years’ output on current projections, with a potential gross development value of £3.1bn.

Commenting on the investment Alan Brown, Chief Executive of CALA, said:

“Today’s investment represents a significant step forward for CALA and we are now poised for the next phase of our growth. By selecting Patron, one of the leading European real estate private equity houses, and Legal & General, to support the Group in the next stage of our development, we have secured the backing of two highly respected investors who both share our vision for the business. I am also delighted that CALA’s excellent relationship with Lloyds Banking Group will be continuing and look forward to their ongoing support as we deliver the next phase of CALA’s growth strategy.”

A large cross-disciplinary Dundas & Wilson team worked on this transaction, led by partners Stuart MacLean (Corporate), Alan Fulton (Banking) and Paul Carter (Real Estate). Dundas & Wilson’s innovative Legal Services Unit supported its lawyers throughout the transaction.

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