Leading international law firm Herbert Smith Freehills has advised Jefferies International Limited as Lead Financial Adviser, Joint Global Co-ordinator and Joint Bookrunner, Panmure Liberum Limited as Sponsor, Joint Global Co-ordinator and Joint Bookrunner; and Shore Capital Stockbrokers Limited as Joint Global Co-ordinator and Joint Bookrunner (the Banks) on NewRiver REIT plc (NewRiver) £50 million cash placing to institutional investors together with an offer to retail shareholders via the REX portal (the Equity Raise).
The proceeds of the Equity Raise are intended to part fund NewRiver’s recommended cash and share offer for Capital & Regional plc (Capital & Regional), valued at £147 million, pursuant to which NewRiver will acquire the entire issued and to be issued share capital of Capital & Regional. Herbert Smith Freehills also advised the Banks on this recommended offer by NewRiver for Capital & Regional, announced shortly after completion of the Equity Raise.
NewRiver is an established UK real estate investor, asset manager and developer which is listed on the Equity Shares (Commercial Companies) category of the Official List of the FCA, has its ordinary shares admitted to trading on the Main Market of the London Stock Exchange, and is a constituent member of the FTSE All-Share and the FTSE EPRA Indices. NewRiver’s community shopping centres and conveniently located retail parks are occupied by tenants predominantly focused on providing essential goods and services.
The Herbert Smith Freehills team was led by co-head of UK Equity Capital Markets Michael Jacobs and partner Sarah Ries-Coward together with of counsel Thomas Vaughan and associates Stephanie Notice and Yusra Jafar, supported by co-head of Equity Capital Markets Tom O’Neill and associate Zarko Perovic on the US aspects.
Michael Jacobs commented: “We are very pleased to have advised Jefferies, Panmure Liberum and Shore Capital on another successful and complex equity capital markets transaction in the real estate sector where we have a leading track record – particularly in the context of a public takeover. Many congratulations to the NewRiver team as well.”
The firm has a strong track record of advising on Real Estate ECM deals. Recent transactions include advising Unite Group, the UK’s largest owner, operator and developer of purpose-built student accommodation, on a £300 million capital raise, advising Jefferies on an all-share combination of Tritax Big Box REIT plc and UK Commercial Property REIT Limited, advising BofA Securities, Deutsche Numis and J.P. Morgan Cazenove on a £350 million rights issue by Great Portland Estates plc, and Capital & Counties on the successful completion of an all share merger with Shaftesbury to create Shaftesbury Capital.
