SJB, Freshfields, Ashurst lead £3.2bn Terra Firma property purchase

SJ Berwin, Freshfields Bruckhaus Deringer and Ashurst are among a line-up of firms advising on Terra Firma’s £3.2bn takeover of Annington Homes from Japanese investment bank Nomura.

Annington, which owns the Ministry of Defence’s married quarters estate, comprises around 40,000 properties. The deal value of £3.2bn includes £1bn of new equity from a Terra Firma specialist fund and new debt financing and £2.2bn assumed debt.

SJ Berwin is advising longstanding client Terra Firma on the takeover and the raising of the new specialist fund with a team led by corporate finance partner Ed Harris and funds partner Duncan Woollard, alongside real estate partners William Boss (pictured) and Darren Rogers and finance partner Ian Borman.

US firm Latham & Watkins is leading on high yield aspects for underwriter Barclays, the sole financial adviser to Terra Firma Holdings on the acquisition, with a team led by capital markets partner Brett Cassidy.

Meanwhile, Ashurst corporate partner Bruce Hanton, funds partner Piers Warburton and finance partner James Coiley are representing longstanding client Nomura.

Freshfields corporate principal consultant Vanessa Knapp is acting for Annington, while Cravath Swaine & Moore corporate partner David Mercado headed up a team advising Annington on financial aspects on the takeover.

The deal is expected to close by the end of the year.

Earlier this year SJ Berwin scored a role on Terra Firma’s £276m acquisition of the Garden Centre Group from Lloyds Banking Group. Harris, Borman and Boss acted for Terra Firma, while Ashurst acted for Terra Firma’s lenders with a team led by finance partners Helen Burton and Mark Vickers.