Shoosmiths has supported M3 Capital Partners with the real estate aspects of the sale of its portfolio company, Extra MSA Group, to a consortium of institutional investors.
The law firm advised on the real estate aspects of the deal for Extra MSA Group – a developer and operator of motorway service area sites in the UK.
Shoosmiths’ role involved providing property, construction and planning due diligence on a portfolio of 10 motorway service areas, including flagship sites at Cobham (M25), Beaconsfield (M40) and Leeds (M1). This is alongside a pipeline of three future development sites.
The consortium purchasing Extra MSA Group comprises European pension funds and other midmarket infrastructure investors. Its investment will be managed by an independent special purpose vehicle whose partners include Hamish De Run and Michael Dinham.
Leading the deal team at Shoosmiths was real estate partner Edell Asquez, with support from partner Simon Meek and construction partner Rick Atha. Specialist planning advice was also provided by partner David Mathias and legal director Bob Pritchard.
Commenting on the deal, Edell Asquez, real estate partner at Shoosmiths, said:
“Members of the Shoosmiths’ team have had a relationship with Extra MSA Group for over 20-years. We’ve supported the group on its development pipeline and portfolio management, with Extra successfully setting a new standard for motorway service areas in the UK.
“This deal is a major milestone on Extra’s growth journey. We’re looking forward to supporting the company as it moves forward under new ownership – helping deliver its future development programme and it’s transition to EV charging and other alternative fuels.”
Mayer Brown advised M3 Capital Partners and Extra MSA Group on corporate legal matters.