MGPA, the private equity real estate investment advisory company, has completed the acquisition of the UK land bank company, Lands Improvement Holdings plc (LIH), for £52.5 mln (EUR 59 mln). The vendor was Clerical Medial Investment Group, part of the Lloyds Banking Group (CMIG). MGPA carried out the acquisition on behalf of MGPA Europe Fund III.
MGPA, the private equity real estate investment advisory company, has completed the acquisition of the UK land bank company, Lands Improvement Holdings plc (LIH), for £52.5 mln (EUR 59 mln). The vendor was Clerical Medial Investment Group, part of the Lloyds Banking Group (CMIG). MGPA carried out the acquisition on behalf of MGPA Europe Fund III.
The fund is part of the larger MGPA Global Fund III, which closed in June 2008 with commitments of $5.2 bn to invest across Europe and Asia. The fund itself raised $1.3 bn (EUR 841.5 mln) and has already carried out transactions in France, Italy, Greece and Poland but remains largely un-invested.
LIH controls over 2,600 acres of land and specialises in the purchase, promotion and delivery of large-scale sites to house-builders throughout the UK. LIH delivers serviced development parcels to house-builders and commercial developers in accordance with development frameworks, master plans and design guides through the planning process.
