Olswang acts for Heathcroft Properties in its buyout by Accrue
26 May 2010
Olswang has advised private property company Heathcroft Properties on its acquisition by real estate private equity house Accrue Capital. This is the debut acquisition by the private equity vehicle founded in 2009 by Stephen Webster and John Slade. The purchase of Heathcroft, which was established in 1994, comes with a £36m investment portfolio, comprising mainly retail and industrial properties. The portfolio also includes a small residential investment estate and an income stream from shops within four major hospitals.
Olswang advised Heathcroft in the offer to purchase the entire share capital of the company from all 186 shareholders. The diversified portfolio produces a net income in excess of £3m, with tenants including Argos, W H Smith, Boots, Corals, Virgin, Iceland, Eat, the NHS and the Post Office. Heathcroft’s offices in Marlow will be retained and the existing management team brought under the Accrue umbrella.
The team was led by Graham Barber, who acted on the foundation of Heathcroft Properties in 1994 and has remained as its corporate advisor since this time. Graham was assisted by David Davies and others in the Corporate team.
Accrue Capital was advised by CB Richard Ellis, DTZ, Addleshaw Goddard and Thompson Taraz. Heathcroft was advised by Olswang and PKF.
