International law firm, Trowers & Hamlins, has advised Midland Heart on the disposal of over 1500 supported living units over 23 schemes to fellow registered provider Housing 21, which is one of the largest to have been undertaken in the sector.
Midland Heart will now use the proceeds of sale 'to continue to develop much needed new homes, consolidate geographies through acquisition of homes and invest in retrofitting and modernising existing homes.' Housing 21 is a specialist in the Extra Care and Retirement Living space and the transaction allows Midland Heart to re-focus on its general needs stock.
Trowers advised on Midland Heart on the due diligence, resident and staff consultation and negotiated the disposal documents with H21.
The Trowers Team led the transaction with Partner Digby Morgan and supported by fellow partner Hannah Jackson and Senior Associate Rachel Ford.
Digby commented:
"Our team's extensive experience in stock acquisitions, disposals and swaps enabled us to advise on one of the largest single disposal deals in the Midlands. We are pleased to have supported Midland Heart in achieving a strategic shift that will enable them to focus on developing new and modernised homes across the region."
