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Following the Barratt Developments Plc (“Barratt”) acquisition of David Wilson Homes in the beginning of 2007, Jones Lang LaSalle Corporate Finance was appointed to evaluate its non-core commercial development arm, Wilson Bowden Developments (“WBD”) in February 2008. WBD is a commercial property development company operating across the UK, involved in industrial, mixed-use and office developments.
Jones Lang LaSalle Corporate Finance advised Barratt on a sale strategy which would make it a more saleable entity. The first element of the strategy was to sell the Industrial development portfolio. The portfolio comprised nine UK development sites, totalling 290 acres of land and 40,174 sq m of built and part completed stock.
The WBD Industrial portfolio was presented to the market as an opportunity to acquire a variety of industrial schemes with a range of scales throughout the East Midlands. The comprehensive information memorandum enabled developers to assess the portfolio.
Undertaking a two stage sale process, three parties progressed to the final stage and undertook full due diligence. Jones Lang LaSalle Corporate Finance successfully completed the transaction in December 2008 to Condor Developments for £46 m.
During the same period, Jones Lang LaSalle sold one of the major assets in the business, the newly opened shopping centre in Wrexham was disposed of as an asset sale.
The deal represented a major success for Barratt Plc, and contributes significantly to its strategy of realising capital for core operations.