Fladgate acted for KCR Residential REIT plc on the subscription by private equity fund, Torchlight for 9 million ordinary shares for a total subscription of £4.05m and the grant of an option to subscribe for an additional 50 million ordinary shares.
KCR intends to consolidate its presence in the UK and to expand internationally (particularly in Australia, New Zealand and Germany) in the private rented sector and the build to rent sector.
This transaction required a dispensation from the mandatory cash offer requirement which would have arisen under Rule 9 of the Takeover Code.
KCR Residential Reit PLC operates as a real estate investment trust. The Company owns, manages, and finances real estate properties that generates both income flow and capital appreciation. KCR Residential Reit serves customers in the United Kingdom.
Fladgate Partner Nigel Gordon (Picture) was supported by corporate associates, David Lee and Ashleigh Brinklow and employment associate, Caroline Philipps. Nigel drew upon the expertise of the wider Fladgate team comprising Paul Airley (corporate), Richard Reuben (property), Ed Morgan (banking and finance), Kelly Whiter (immigration), Kim Fowler (construction), Zevi Prager (property) and trainees Gerald Brent, Thomas Edwards, Tim Reinhard, and Yasmin Daswani.
Involved fees earner: Paul Airley – Fladgate LLP; Ashleigh Brinklow – Fladgate LLP; Nigel Gordon – Fladgate LLP; David Lee – Fladgate LLP; Edward Morgan – Fladgate LLP; Caroline Philipps – Fladgate LLP; Zevi Prager – Fladgate LLP; Richard Reuben – Fladgate LLP; Kelly Whiter – Fladgate LLP; Kim Fowler – Simmons & Simmons;
Clients: KCR Residential Reit PLC;