Our team: Kim McMurray
Fladgate LLP has advised residential developer Cathedral Group on its acquisition by Development Securities.
The acquisition adds nine mixed-use development opportunities equating to more than 5m sq ft to Development Securities’ existing portfolio, including The Old Vinyl Factory and Morden Wharf, which are existing joint venture projects between the two companies.
Two of Cathedral’s senior staff, chief executive Richard Upton and chairman Barry Bennett, have joined Development Securities’ board.
Development Securities paid an initial £20.9m in cash and shares, with a payment at a later date to bring the total to around £27.4m based on the current business plan.
Fladgate real estate partner Antonia Brandes advised Cathedral Group with assistance from construction partner Alan Erwin and real estate finance partner Kim McMurray.
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