Jones Day acted for Macquarie Goodman, in relation to the acquisition of the entire issued share capital of Rosehill Top Co Limited and 50% of the share capital of Rosemound Developments Limited owned by Uberior Ventures Limited (the “Rosemound Group”), the UK logistics developer, for up to £336 million (inclusive of assumed debt). The Rosemound Group currently has 16 sites under development and a land bank of over 1,000 acres. The acquisition makes Macquarie Goodman the UK’s second largest industrial developer behind ProLogis. The consideration contains an earnout based on performance and planning triggers. Up to £30 million will be paid as a result of the satisfaction of certain planning conditions and up to £45 million will be paid as a result of satisfaction of certain profit related targets. It is intended that the Rosemound Group’s property assets will be transferred into Macquarie Goodman’s proposed UK logistics fund, upon its establishment later this year. The vendors were Uberior Ventures Limited and management.
The Jones Day team was led by James Goold and Neil Seaton (Corporate) and comprised Steve Walter, Mark Emerson and Suzanne Davis, (Property) Richard Adams and John Mitchell (planning), Martin Lucas (Construction), Christopher Papanicolaou (Environmental), Tim Flood (Regulatory), Andrew Barker (Finance), Blaise Marin-Curtoud (Tax), Mark Taylor (Employment), John Papadakis (Employee Benefits) and Rosalind Connor (Pensions). Wragge & Co represented management and Burness represented Uberior Ventures Limited.