Housebuilder completes on string of deals
Wiltshire-based developer Stonewood Homes have completed on a string of deals relating to developments in the South West.
The company, which specialise in small-to-medium developments of sustainable homes, sought the investment from a consortium of investors as part of its plans to bring forward a proposed new 49-home site in Sandford, North Somerset.
The outcome of the deal ensures the investors would receive a preferred return on the completion of the project whilst putting in place agreements underwriting the return of the full equity value of the investment.
Alongside securing the investment, Stonewood has also worked closely with the local community and Local Planning Authority to secure permission for the site with work set to begin on November 24.
In the past month, law firm Thrings has also advised Stonewood on the exit from two joint ventures development projects, following the sale of the final units in each, with the combined payments out to partners valued at more than £7m. This has also established a model for the developer to emulate in future projects.
Completion of the transactions on the Severells Fields and Grittleton sites, near Cirencester and Chippenham respectively, were subject to tight turnarounds in order to secure the existing Capital Gains Tax treatment ahead of expected changes in the Budget.
Acting on behalf of Stonewood, Thrings’ corporate lawyers, led by partner John Richardson and associate Matt Cornforth, with support from solicitor Bethan Shepherd, handled all legal aspects of the deals, advising Stonewood on the terms of the investment and securing balanced terms for all parties, ensuring a smooth and efficient process following the JV exits.
Ben Lang, director of Stonewood Homes and parent company Stonewood Builders Holdings Ltd, said: “It has been a pleasure to engage John and the team at Thrings to complete the recent deals, particularly given the time pressures and complexity of the transactions. The legal and commercial support has been responsive and inventive, always remaining pragmatic and result focused. This has benefited Stonewood and our investment partners to achieve our shared objectives.”
John Richardson, partner in Thrings’ corporate team, added: “Finalising these deals to secure investment and close the book on completed developments are great news for Stonewood and its continued work to deliver outstanding new homes across the region.
“It was a pleasure to act for them and to have achieved what was required of us under a very strict timeframe to ensure them the best return. We look forward to working with them again as their business continues to flourish and wish them the very best for the future.”
