Bedell Cristin acts as Jersey counsel to Max Property Group Plc

18 Aug 2014

Bedell Cristin acted as Jersey counsel to Max Property Group Plc (Max) in connection with the disposal of Max's entire property business to a company controlled by Blackstone Real Estate Partners IV (Blackstone) in a deal valuing the Max group at £448m.

This represents an uplift of 112% in headline net asset value before incentive provisions over the five and quarter years since Max was established with a limited life strategy. Working alongside lead transaction counsel, Berwin Leighton Paisner, Bedell advised Max on all aspects of the transaction including the sale of its business, the return of cash to shareholders, winding up and delisting from the Channel Islands Securities Exchange (CISE). The transaction involved obtaining shareholder approval by issuing a substantial transaction circular under the listing rules of the CISE.  
 
Max was established in 2009 and listed on both AIM and on the CISE. Bedell Channel Islands Limited acted as CISE listing sponsor to Max.

Bruce Scott, Andreas Elofs and Tom Davies from Bedell Cristin's London office advised Max on Jersey legal and CISE matters. The Bedell administration team in Jersey was led by Joseph Conway with assistance from Tara Dufty.