Nabarro has advised longstanding client, Urban&Civic, on its listing on the Official List through a reverse takeover of AIM-traded Terrace Hill Group.

Urban&Civic was founded in 2009 by a successful team led by Nigel Hugill and Robin Butler, who previously ran Chelsfield and Lend Lease. It has gone on to acquire strategic land assets at Alconbury, Cambridge and Rugby, Warwickshire with backing from GI Partners.

The transaction involved an institutional equity raising of £170 million through J.P. Morgan Cazenove and Oriel Securities as joint bookrunners giving the combined group an opening net asset value of approximately £325 million.  The offer was substantially oversubscribed, despite being closed off on the day of announcement.

The Nabarro team handled the simultaneous acquisition of the interest in Rugby through a joint venture with Aviva, an international reorganisation of Urban&Civic and the reverse into Terrace Hill, alongside the equity raising.

The team was led by client partner, Ciaran Carvalho and Corporate partners, Kristy Duane and Iain Newman with assistance from Real Estate partner Clare Thomas, Banking & Finance partner Andrew McLean, Employment partner Tracey Marsden, Tax partners Graham Muir (on employee incentives) and Kirsten Prichard Jones with support from Jack Shepherd, Sarah Etherington, Sioned Bates, Jonathan Carter-Lewis, Maddy Lomax and Lauren Green (Corporate), Sarah Jury, Neal Bhattacharyya and Kirsty Waterworth (Real Estate), Stewart Womersley and Jonathan Brooks (Funds and Indirect Real Estate), Rob Whiddett (Banking & Finance) and Alison Garrow (Employment).

Terrace Hill was advised by BLP and Proskauer Rose and the joint bookrunners, Oriel and J.P. Morgan Cazenove, by Simmons & Simmons.

Nigel Hugill, executive chairman of the enlarged Urban&Civic commented:

"We are really pleased to be returning to the public arena. Nabarro teams have served us very well over many years and, once again, proved integral in helping us chart our way through a rather complicated and pressurised set of processes. On behalf of all colleagues at Urban&Civic, I cannot thank them enough."

Ciaran Carvalho, client partner and head of Real Estate at Nabarro, said:

“Nigel and Robin and their team have a great track record having been instrumental in White City, Stratford and many other great projects over the years: it was a pleasure to assist them as ever. This transaction showed our ability to deliver a team effort across many disciplines to achieve a good result for a business which will become a significant real estate force.”