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Kent property developer under new ownership

asb law’s top ranked corporate team acted on the sale of Hillreed Homes to Persimmon plc, the UK’s largest housebuilder, in a deal that valued one of Kent’s most high profile developers in excess of £35million.

Hillreed’s history stretches back almost 40 years.  Established in Maidstone, Kent in 1975, the company has delivered many high quality family housing developments across the south east region, throughout Kent, Sussex, Surrey and Hampshire.  In addition to its completed developments, Hillreed has a number of strategic land holdings and a land bank that equates to 3,400 plots.

According to Tony Hillier, the former  Company Chairman  says, it will be ‘business as usual’ at Hillreed for the foreseeable future:  ‘With the exception of the former majority shareholders – myself and Colin Creed – the senior management team and all staff remain in place to develop high quality family homes.  Persimmon recognised that Hillreed offered the same quality properties as its established brands such as Charles Church and Westbury, so the new ownership is a good fit.”

Mike Farley, Group Chief Executive of Persimmon commented:  “The Hillreed name and brand is very complementary to our existing portfolio; this acquisition strengthens our position in the south east and demonstrates our commitment to continued land investment to support our growth strategy.”

The sale was prompted by the directors’ retirement plans, though Hillier and Creed continue to have an active commercial property portfolio in the region.

The selling shareholders were advised by asb law, KPMG, Reeves and UHY Hacker Young.  According to Claire Williams who led on behalf of asb law, this deal is likely to go down as one of the biggest in the region this year. 

Author:asb law