Clarke Willmott advises on £250m motorway services acquisition deal
BIRMINGHAM law firm Clarke Willmott has advised on one of the largest acquisitions of 2013 so far, supporting the Extra MSA Group to complete the £250m purchase of nine motorway service areas.
Clarke Willmott’s Corporate and Real Estate Teams advised the Extra MSA Group, which is backed by equity investor M3 Capital Partners, on the acquisition of the nine properties, formerly owned by Serena Propertiers Ltd, are spread across the UK motorway network.
Andrew Long, CEO of Extra MSA Group, said: “Extra and I are pleased to have worked with Clarke Willmott on this important and strategic transaction. This expands Extra’s investment ownership of substantial motorway service areas to 18 key locations in the UK motorway network. Further acquisition transactions are also under consideration.”
Andrew Beedham, Head of Corporate at Clarke Willmott’s Birmingham office and Relationship Partner for Extra MSA Group, said: “This is one of the largest deals of its kind in the UK so far this year and required support from across our corporate, banking, real estate, insolvency, planning & environmental and property litigation departments. This acquisition will enable the Extra MSA Group to significantly expand its business and strengthen its position in this complex sector.”
The Extra MSA Group was established in 2010 by M3 Capital Partners and Mr Long. The acquisition doubles the number of motorway service area assets that Extra owns and follows the company’s successful development and opening of its new M25 Cobham operation in September 2012.
M3’s current fund has equity capital commitments of $2.9bn and since the firm’s inception M3 has undertaken in excess of $83bn of real estate transactions.
