Appleby acted as Jersey, Mauritius and Isle of Man counsel to South Downs Investment LP on its take private of Atlantic Leaf Properties Limited (ALPL). South Downs Investment LP is an affiliate of certain investment funds managed by a leading global private equity and alternative investment firm with assets under management of USD414 billion.
ALPL is an income-focused UK REIT, targeting industrial and logistics property in strategic regions and sectors of the United Kingdom which prior to completion of the acquisition maintained a dual listing on the Johannesburg Stock Exchange (JSE) and Stock Exchange of Mauritius (SEM).
The acquisition was effected by way of a members’ scheme of arrangement under Jersey company law. The sanctioning of the scheme of arrangement on 3 August 2020 is the culmination of dedicated work over an extended period, which saw the Appleby teams in Jersey, Mauritius and Isle of Man draw on Appleby’s market leading expertise in schemes of arrangements and public M&A more generally. Appleby’s Jersey office also assisted on the listing of ALPL on The International Stock Exchange.
The acquisition valued ALPL’s share capital at approximately GBP152 million.
The global Appleby team was led by Appleby partner Andrew Weaver and senior associate Kevin McQuillan. Senior associate Paul Worsnop, associates Lebogang Maimane and Stephen Parnell and paralegal Angharad Prescott also assisted in Jersey, partner Malcolm Moller and associate Karishma Beegoo advised in Mauritius and partner Garry Manley and associates Melissa Wong and Sophie Corkish advised in Isle of Man.
Speaking on the transaction Appleby Partner, Andrew Weaver commented: “We were very pleased to have acted on this transaction, which was conducted through COVID-19 lockdowns across a number of countries requiring novel approaches to a number of issues. The flexibility of the Jersey legal system was demonstrated, with Jersey’s first fully remote members’ scheme meeting ordered by the court”.
Kevin McQuillan added: “It has been very rewarding to lead on our latest scheme of arrangement particularly in the backdrop of Covid-19. Our teams in Jersey, Mauritius and Isle of Man have been able to pull together seamlessly to deliver for our client demonstrating our market leading experience in public M&A”.
Appleby’s Merger and Acquisitions (M&A) team is well-positioned to swiftly advise clients on a wide range of M&A activities in the offshore region. Its unique jurisdictional reach means that Appleby is able to advise clients on complex, cross-border transactions involving the offshore jurisdictions that are most often encountered.
The team regularly work with FTSE 100 and Fortune 500 companies around the globe and those with financial interests in them, to help them deploy strategic growth and restructuring initiatives, whether involving single jurisdictions or complex multi-jurisdictional, multi-disciplinary transactions.
