23 Jun 2010
LG advises international investment property company on £35m placing and open offer and firm placing
The Investment Funds Team at Lawrence Graham LLP ("LG"), the London-based business law firm, has advised Japan Residential Investment Company Limited (JRIC) - the AIM traded company that invests in Japanese residential properties - on a £35 million fund raising by way of a placing and open offer and firm placing. The net proceeds will be used to pay down JRIC's debt to lower levels which could lead to the resumption of dividend payments.
The LG team advising JRIC included Nick Heather, Corporate partner and Head of the Investment Funds team and Corporate associates Kris Rogers and Michelle Davis.
Nick said: "We are delighted to advise JRIC following the global financial crisis and the large falls in property prices. This deal puts the company on a strong financial footing to enable it to provide investors with stable income and capital growth from the Japanese residential property market."
The nominated adviser was Smith & Williamson Corporate Finance Limited and the broker was Fairfax I.S. PLC. Both were represented by Stephenson Harwood.
Notes to editors:
LG's Corporate team remains top legal adviser to AIM clients by market capitalisation and top legal adviser by number of clients and market capitalisation to FTSE AIM 50 and 100 clients. The team are also ranked number one legal adviser to AIM clients in the Financial Institutions and Industrial sectors. (Hemscott, April 2010)
The Investment Funds team at LG represents investment companies, fund managers and sponsors, as well as offshore closed ended companies, onshore and offshore unit trusts and open ended investment companies in both the institutional and the retail markets. The team also act for limited partnerships in both the private equity and real estate fields.