Wragge & Co advises £100m housebuilding deal
Birmingham law firm Wragge & Co has advised on a deal worth £100m for housebuilder The Miller Group. The firm's residential development team closed the deal which will allow The Miller Group to re-brand and integrate ten UK sites into its business.
The development management contract was agreed after the current manager of the sites, McInerney Group, entered administration. They will now become part of the Miller Homes business. The sites are located in north England, the Midlands and North Wales.
Wragge & Co's head of residential development, Richard Bate, and partner Ashley Mitchell led a cross-firm team on the deal. Real estate partner John Dixon led the due diligence.
Ashley Mitchell said: "This is the third significant deal in less than a year that we have secured for The Miller Group in relation to the management of distressed assets. It further establishes the company as a provider at the forefront of this specialist area, which is likely to become increasingly prominent as banks take steps to reduce their exposure in the current economic climate."
McInerney Holdings is an Irish-owned builder. KPMG was appointed as joint administrators of seven companies within the UK arm of the McInerney Holdings group on 4 April 2011. Freshfields Bruckhaus Deringer advised the administrators.
