Press office

The Carlyle Group has paid an initial £17m, and agreed to a further investment of capital which has the potential to bring Carlyle’s total investment into the partnership to £40m. The Fairfield Partnership owns or controls a number of greenfield and brownfield sites, primarily in the south east of England, which it is actively promoting through the planning system with a view to achieving consents for residential led developments in order to maximise the value of the sites.

The transaction was structured as an acquisition of corporate special purpose vehicles and was led by partner James Trevis and associate Steven Hacking. Senior associate Jamie Cawthorn led on the property related aspects of the transaction.

Steven Hacking, commented:

“We are extremely pleased to advise Carlyle on this latest acquisition. We believe that it shows signs that there is some faith returning in the long-term prospects for the UK housing market. We look forward to advising Carlyle on future matters.”

Robert Hodges, Managing director of Carlyle, commented:

“There is great unfulfilled demand for homes in the south-east of England, coupled with a significant block on supply caused by regulation. It is rare for private equity firms to invest in land as the returns are delayed, but we are at an early stage in our fund and see the chance to make above-average all-equity returns. Eversheds provided a fully comprehensive service which allowed my deal team to concentrate on the issues which mattered most and allowed the acquisition to complete in a coordinated fashion.”

Eversheds, has been appointed on an exclusive basis to act for The Fairfield Partnership as its legal advisers on all aspects of the business. The pitch was led by Philip Medford and Jamie Cawthorn.