Gateley leads £49m Redrow deal
Birmingham law firm Gateley has advised on the £49m sale of property developer Redrow's Scottish operations.
The firm's corporate and real estate teams have acted on the deal, through which the Scottish sites were sold to Springfield Properties.
The sale comprises £5m cash on completion and a deferred cash consideration of £44m as developments are built over the next three years.
Redrow's operations in Scotland consist of eight sites with planning permission.
Gateley advised on all aspects of the deal, which will enable the housebuilder to increase its investment in other areas of the country, particularly London and the South East.
Callum Nuttall, partner at Gateley, said: "As the residential development market starts to gather pace our clients now, more than ever, need robust legal and business guidance to assist them in developing and investing in areas that will ensure their businesses are fit for the future.
"We have worked with Redrow for eight years and have acted for them in all areas of their residential property development business. We are delighted to have been involved in such a positive deal that will provide funds for further investment in Redrow's other operations."
