Abu Dhabi Capital Management (ADCM) has launched a public-to-private takeover of AIM-listed real estate developer Northacre.
Abu Dhabi Capital Management (ADCM) has launched a public-to-private takeover of AIM-listed real estate developer Northacre.
The transaction comprised an offer by a bid vehicle of ADCM for the entire issued share capital of Northacre. The offer values Northacre at £25.65 mln (€32 mln).
ACDM has 48% share capital, and is launching a 96p per share offer for the remaining shares.
Law firm BLP advised ADCM on the deal. 'The acquisition of Northacre will offer an excellent exposure to London’s prime residential market, and bolster their portfolio,' said BLP’s head of private equity Raymond McKeeve.
He added: 'Northacre in turn will benefit by leveraging on ADCM’s expertise and financial strength.'
Northacre is the developer of The Lancasters luxury apartments opposite London’s Hyde Park. Northacre has been unprofitable since 2008.
Speechly Bircham and Ernst & Young advised Northacre and BLP collaborated closely with ADCM's financial advisor finnCap.
