London-listed developer-investor Urban&Civic has announced the takeover of rival Catesby Property Group, a development firm set up in 1996 by Eric Grove, for £34 mln (€45 mln) in cash and shares.
London-listed developer-investor Urban&Civic has announced the takeover of rival Catesby Property Group, a development firm set up in 1996 by Eric Grove, for £34 mln (€45 mln) in cash and shares.
Catesby specialises in residential land promotion and commercial property development. It has interests in land holdings covering 5,300 units across 21 sites in areas of high housebuilder demand in central England.
Around half of the units (2,600) are part of the planned urban extension of Newark-on-Trent, Nottinghamshire, in which Catesby has an 82% interest. The remaining units are non-strategic and are likely to be sold off without substantial further capital investment, Urban&Civic said in a statement.
The company has agreed to pay £22 mln in cash for Catesby, financed through existing resources, and the remaining £12 mln through the issue of 4.2 million shares in Urban&Civic at 271.86 pence per share.
Founder Eric Grove has agreed to act as a consultant to Urban&Civic for a period of 24 months and all other staff will remain with the group.
