Tue, 24/06/2014 - 06:17
Urban&Civic, a portfolio company of private equity firm GI Partner, has completed its reversal into Terrace Hill Plc and the subsequent relisting on the Main Market of the London Stock Exchange.
GI Partners established Urban&Civic with the management team of Nigel Hugill (chairman) and Robin Butler (managing director) in 2009. The company was set up to acquire strategic land sites in the UK and take these assets through the allocation and planning consent process to deliver large scale residential and employment led developments.
Urban&Civic's first acquisition was the 1,432 acre Alconbury Weald site near Huntingdon in Cambridgeshire, a former airfield which was acquired from the Ministry of Defence in 2009. In December 2013, Urban&Civic received a resolution to grant a planning consent for 5,000 homes and 3.1M sq ft of commercial space. The company's second significant asset is the 1,170 acre Sustainable Urban Expansion element of the Rugby Radio Station site, which is a 50:50 joint venture with Aviva. In January 2014 Urban&Civic received a resolution to grant a planning consent for 6,200 homes and 1.3m sq ft of commercial space. The two sites have a combined expected GDV of GBP2.7bn.
Mark Tagliaferri, managing director GI Partners and non- executive director of Urban&Civic Plc, says: "In 2009 we developed an investment thesis around investing in UK strategic land. In Nigel Hugill & Robin Butler we found a first class management team to execute this strategy and we have been delighted to support their planning successes at Alconbury Weald and Rugby Radio Station."
In May 2014, Urban&Civic reversed into Terrace Hill Plc, the AIM listed UK property investment and development group to create a real estate company focused on large scale strategic residential holdings and commercial development opportunities across Central London and the UK's regions. At the same time as the reversal, a GBP170 million placing was launched to fund the development of Alconbury Weald and Rugby, alongside other developments and acquisition opportunities. The enlarged group is now listed on Main Market of the London Stock Exchange as Urban&Civic.
Tagliaferri says: "The reverse takeover of Terrace Hill and GBP170m capital raise will give Urban&Civic the right long-term capital base to build out its existing assets while providing substantial firepower to fund the company's attractive pipeline of acquisition opportunities. We look forward to continuing to support the team as a significant shareholder and are confident in management's ability to drive substantial further shareholder value."
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