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Delivering a significant boost to the UK housing market

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    14-05-2019

    Eversheds Sutherland advises Urban Splash on groundbreaking deal to deliver thousands of new homes across the UK

    Eversheds Sutherland has advised regeneration company Urban Splash on its multi-million-pound joint venture with Japan’s biggest housebuilder, Sekisui House, and Homes England to deliver thousands of new homes across England.

    Sekisui House, one of the world’s leading housebuilders, is a pioneer of modern methods of construction, where homes are built in factories and shipped out to sites. The deal will see the housebuilder move into the UK housing market with immediate effect.

    Corporate Partner Alistair Cree led a 35-strong cross-practice Eversheds Sutherland team to deliver the deal, which included: Partner Daniel Walsh (real estate), Legal Director Jamie Partridge, Principal Associate Elizabeth Tindall, Senior Associates Annika Unsworth and Russell Naglis (all corporate), and Associates Thomas Donohoe (banking) and Misha Sealy (commercial).

    The £90m deal, which has been facilitated by lead advisor JLL, comprises a total new investment of £55m into Urban Splash’s ‘House’ development business. This provides a significant boost to the UK’s modular housing industry and will help to speed up production of much needed new homes. 

    Sekisui House has invested £22m of new equity, with £30m of equity and debt funding coming from the Government’s Home Building Fund, administered through Homes England.

    Experienced Entrepreneur Noel McKee, founder of We Buy Any Car, has also made a sizeable investment into the new partnership and will take a c5% stake.

    Alistair Cree said:

    “Having worked with Urban Splash for many years, we are thrilled to have supported them on what is a significant chapter in their growth story, as well as a transaction that stands to benefit the UK housebuilding industry as a whole. The deal facilitates major foreign investment into the UK housing industry from a global industry leader (alongside a significant strategic partnership with Homes England) and should provide confidence to other investors seeking similar opportunities in the UK.”

    Tom Bloxham MBE, Chairman of Urban Splash, Urban Splash said:

    “Eversheds Sutherland has advised us for a number of years and continues to provide us with the same high level of technical and service excellence that we’ve now come to expect. This was a significant, transformational deal for us, and one that we entrusted to the Eversheds team to deliver. We’re delighted with the result and look forward to working with them in the future.”  

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