WLG has advised Telereal Trillium on its acquisition of the Lands Improvement Group from BlackRock Europe Property Fund III (BlackRock).

The Lands Improvement Group is one of the oldest investment companies in the UK, with origins dating back to 1853. The Group specialises in acquiring greenfield and brownfield sites with a view to residential-led development, and has an estimated pipeline of 13,000 new homes across 2,500 acres of landholdings.

WLG fielded a team of corporate and real estate specialists, as well as employing cross-sector experts in insurance, tax, employment and pensions to ensure the acquisition was comprehensive and went without a hitch.

The real estate team, led by partner Ed Colreavy, included partners Phil Clissitt and Lee McBride, consultant Stephen Turnbull, directors Madeline Creevy and Quentin Smye, principal associates Theresa Spalding and Steve White, senior associates Caroline Frost and Charlotte Lockwood, and associates Charlotte Brady and Lucy Haynes. They handled the due diligence review of the portfolio of assets for the acquisition.

The corporate team was led by partner Sharon Ayres and included senior associate Shozzol Miah, with tax support from partner Lee Nuttall and director Zoe Fatchen. Expert insurance advice was provided by director Samantha Holland, and director Louise Clifford (employment) and principal associate Jennifer Lewis (pensions), rounding out the team.

Partner Ed Colreavy said of the transaction: "Telereal Trillium is one of the UK's largest property companies and it has been a privilege to work with them on this acquisition. We fielded a very strong team and worked alongside Telereal Trillium and their advisers at every stage to ensure that the deal was successfully concluded. Given the acute housing shortage within the UK, the acquisition will help to deliver several thousand new homes in the years to come, and we wish Telereal Trillium and Lands Improvement every success."

Graham Edwards, CEO at Telereal Trillium, said: "At a time when there is a chronic housing shortage within the UK, we are delighted to be acquiring one of the major players in addressing the housing shortfall. Lands Improvement is a highly successful business. It has a strong management team, important strategic relationships with key partners, and some outstanding land holdings. We believe that it provides a great platform to make the most of the assets it already owns, to make further investments into new sites, and to add value to sites within Telereal Trillium's existing nationwide portfolio."

Telereal Trillium owns and manages a UK-wide portfolio of 8,000 properties with an asset value of £5.5 billion. Lands Improvement is a successful strategic land business with a portfolio of 26 assets in various stages of delivery across the UK, from planning promotion to land sales.

BlackRock was advised by King & Wood Mallesons and Rothschild.