Ashurst advises Kier Group plc on sale of Kier Living

Global law firm Ashurst is advising Kier Group plc on the £110m disposal of Kier Living to Foster BidCo Limited, a newly formed company, ultimately owned by Guy Hands, the Founder, Chairman and Chief Investment Officer of Terra Firma.

Kier Living is a housebuilding business with established operations across four of the most affordable regions in England. Kier Living’s principal focus is providing well-priced, low-rise, mixed-tenure suburban family homes through open-market sales.

Kier Group has stated that the sale of Kier Living is another step in the management’s strategy to simplify its group and to create a strong, resilient and flexible balance sheet, providing its group’s clients, customers, suppliers and other stakeholders with greater confidence in Kier Group as a counterparty.

The transaction is subject to Kier Group shareholder approval, and completion is expected to occur before mid-June 2021.

The Ashurst team is being led by corporate partner Nick Williamson assisted by senior associate Harry Thimont and associates Jake Hadfield, Kiara de Silva and Anxin Hua. Real estate partner Henry Moss led on real estate matters assisted by counsel David Razzell and associate Kate Mullan. Partner Tim Gummer provided tax advice assisted by associates Shayaan Zaraq Bari and Becky Hart. Partner Eleanor Reeves and senior associate James Nierinck provided advice on environmental matters. Partner Christopher Bates, assisted by senior associate Richard Holmes and associate Harry Newton, advised on the transitional services agreement and related matters. Counsel John Gordon, senior associate Hannah Martin and senior associate Rebecca Servian advised on pensions, employment and incentives matters respectively, and counsel Don McCombie advised on IP matters. Partners Braeden Donnelly and Tim Rennie also advised.

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