Ashurst is advising Morgan Stanley as financial adviser to Bailey Acquisitions Limited ("Bidco"), in relation to the recommended cash offer of Quintain Estates & Development plc ("Quintain"), pursuant to which Bidco will acquire the entire issued and to be issued share capital of Quintain (the "Offer").

The Offer values the entire issued and to be issued share capital of Quintain at approximately £700 million. Under the Offer, Quintain shareholders will receive 131 pence in cash for each Quintain Share.

Bidco is an investment vehicle indirectly controlled by Lone Star Real Estate Fund IV, a real estate fund sponsored by the principals of Lone Star Funds ("Lone Star"). Lone Star is a leading private equity firm that invests globally in real estate, equity, credit and other financial assets.

Quintain is a UK-based real estate development and investment company focused on the Greater London area. Quintain was established in 1992 and listed on the London Stock Exchange in 1996.

The Ashurst team was led by corporate partners Karen Davies and Tom Mercer assisted by associate Marianna Kennedy. Partners Mark Vickers and Tim Rennie advised on the finance aspects of the transaction, assisted by senior associate Laura Ho.