Appleby is acting as Isle of Man and BVI counsel to SOF-12 Cambridge BidCo Limited, a newly formed company owned by Starwood Funds, on its recommended cash offer for the entire issued and to be issued share capital of RDI REIT P.L.C. other than shares already owned or controlled by Starwood Funds.
The acquisition, which is proposed to be implemented by means of an Isle of Man law-governed scheme of arrangement, values the entire issued and to be issued share capital of RDI REIT at approximately £467.9 million on a fully-diluted basis.
RDI REIT is a UK real estate investment trust focused on delivering long-term sustainable income returns backed by strong real estate fundamentals.
Starwood Capital Group is a private investment firm with a core focus on global real estate, energy infrastructure and oil & gas. Starwood Capital Group and its affiliates maintain 16 offices in seven countries around the world, and currently have approximately 4,100 employees. Since its inception in 1991, Starwood Capital Group has raised over $55 billion of equity capital, and currently has in excess of $70 billion of assets under management.
The Appleby team is being led as to Isle of Man and BVI law matters by Isle of Man-based corporate partner Garry Manley and also includes Mark Holligon, Claire Corkish and Sophie Corkish in the Isle of Man and Rebecca Jack in the British Virgin Islands. Christophe Kalinauckas and Chris Smedley in Appleby's Jersey office are also assisting with certain aspects of the transaction.
Appleby is working closely with Kirkland & Ellis, which is acting as lead counsel to SOF-12 Cambridge BidCo Limited with a team led by Mark Thompson, Matthew Elliott and Annette Baillie.