Eversheds Sutherland advises NewRiver REIT plc on its recommended cash and share offer for Capital and Regional plc

Eversheds Sutherland has advised longstanding client, NewRiver REIT plc (NewRiver), on its recommended offer for Capital & Regional PLC in a stock-and-cash deal valued at approximately $196.1 million.

This strategic transaction marks a significant milestone for NewRiver, expanding its portfolio in the UK’s retail real estate market.

Under the terms of the deal, Capital & Regional shareholders will receive 31.25 pence in cash and 0.41946 NewRiver shares for each share held.

The implied offer value of 62.5 pence per share represents a premium of over 21% to Capital & Regional’s closing share price on May 23 2024, the last business day before commencement of the offer period.

The acquisition, which includes Capital & Regional's six community shopping centres, will result in a combined retail real estate portfolio valued at approximately £900 million.

Mark Roe, a Partner in Eversheds Sutherland’s Public Company Advisory group, led the global law firm’s cross-practice team. He was supported by Greg Stonefield, Partner, Annika Unsworth, Principal Associate, and Danielle Pym, Associate (all corporate), together with Danny Blum, Partner, and Victoria Green, Legal Director (both share incentives), Sheena Wells, Legal Director (banking); and Claire Morgan, Partner (competition).

Mark Roe, Eversheds Sutherland, commented:

“We’re thrilled to have supported NewRiver on this latest transaction. We’ve had the pleasure of advising the team on a range of fundraisings, joint ventures and other strategic projects over the years and seeing it develop into a leading player in the UK retail real estate market. We look forward to continuing that support.”

This marks another transaction for Eversheds Sutherland’s Public Company Advisory team, which was recently shortlisted in the category of ‘Public M&A Team of the Year’ for legal publication, Law.com’s British Legal Awards, 2024.