Terra Firma acquires Annington Homes for £3.2bn

The deal values Annington Homes at £3.2bn, including £2.2bn in existing debt, which is being refinanced with new debt facilities. The new package includes a £500m PIK bond, according to reports. Terra Frima provided £1bn in equity.

Barclays was the sole financial adviser to the acquirer. The deal is expected to be closed by the end of the year.

Nomura acquired Annington Homes in 1996, when it comprised approximately 57,000 properties. Guy Hands, now Terra Firma's CEO/CIO, sourced the deal for Nomura and managed it for 15 years, 10 of which in Terra Firma's name.

Company
Annington Homes is a British real estate business that owns the Ministry of Defence's Married Quarters Estate, counting around 40,000 properties. The company primarily manages the estate depending on the Ministry's requirements, but also rents other residential property to third parties.

People
Guy Hands led the deal on behalf of Terra Firma. James Hopkins is CEO of Annington Homes.

Advisers
Equity - SJ Berwin, Ed Harris, Duncan Woollard, Leanne Moezi, Rob Mailer, Jacob Traff, Patrick Hamm, William Boss, Darren Rogers, Helen Murcott (Legal).

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• Real estate
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