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McInerney Group Limited purchase new buildings with the help of Brabners lawyers
26/03/2007

One of Ireland`s leading house builders is forecasting further acquisitions after completing the latest stage of its English expansion with the help of corporate lawyers at Brabners Chaffe Street.

A team from the firm`s Manchester office tied up the £16.25 million purchase of Lancing Homes by McInerney Group Limited. The deal also saw the assumption of around £3 million of debt.

Lancing Homes, which is based in South Shields, specialises in the building of affordable homes and apartments in Gateshead and Newcastle.

The deal adds to McInerney Group`s presence in the North East following the £23.6 million acquisition of Bowey Homes last August. The company had previously bought four other developers across the North and Midlands.

Brabners Chaffe Street corporate partner Sam Mabon led the team advising McInerney Group, which also included commercial solicitor Ruth Powell and employment partner Lydia Edgar. The acquisition was the first deal funded by a fully-underwritten Ä86 million rights issue announced to the Irish Stock Exchange last week.

McInerney Group - which has significant developments in the residential, commercial and leisure sectors in Ireland and Spain - says the remaining funds will principally be used for further acquisitions in the UK.

Eversheds in Manchester provided McInerney with property advice while Newcastle solicitors Watson Burton acted for Lancing Homes.


For further information contact Sam Mabon at Brabners Chaffe Street on 0161 836 8800

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