Simmons & Simmons is advising Rothschild as joint sponsor and financial adviser and Evolution Securities and Peel Hunt as joint sponsors and brokers to Wichford P.L.C (“Wichford”) on the £208.7 million acquisition of Redefine International plc (“Redefine”) by Wichford, and the listing of the enlarged property investment company on the Main Market of the London Stock Exchange.
The merger of the listed property funds, which is being implemented through a recommended all-share offer by Wichford for Redefine, will create a UK mid-tier property investment company with a diversified portfolio and a strengthened capital base. This will enable it to expand its high yield investment programme and to continue to grow its income stream for investors.
Wichford, a London listed company with a market capitalisation of approximately £70 million, has a property portfolio of central and state government-occupied buildings in the UK and Europe. Redefine has a property portfolio including shopping centres and hotels, and is dual-listed on AIM and the Johannesburg Stock Exchange with a market capitalisation of approximately £250 million.
The Simmons & Simmons team is being led by corporate partner Chris Horton, and includes corporate partners Edward Baker and Colin Bole, assisted by corporate associate Stephanie Johnston and corporate trainee Kate Pointer. Banking input is being provided by banking partner Philip Abbott, and tax advice by tax partner Nick Cronkshaw and tax associate Chris Agnoli.
Commenting on the transaction, Chris Horton, said: ‘‘We are delighted to be acting for Rothschild, Evolution Securities and Peel Hunt on the proposed acquisition by Wichford of Redefine, and the premium listing of the enlarged property investment fund on the London Stock Exchange. This is a complex transaction, involving a reverse takeover under the Listing Rules, a waiver of Rule 9 of the Takeover Code, related party transactions, nine property valuers and additional complexities as a result of the need to address UK, South African and Isle of Man regulatory requirements”.
