<p><span>Scottish housebuilder Springfield Properties is to acquire Mactaggart &amp; Mickel’s housebuilding business for £46.3 million.</span></p><p><span>The acquisition, as part of Springfield’s growth strategy, consists of £10.5 million cash paid on completion and a deferred cash consideration of £35.8 million to be paid proportionally as homes are sold over the next five years. It will be funded from Springfield’s internal resources and existing debt facilities with Bank of Scotland.</span><br/></p><p><span>Under its terms, Springfield, which delivers private, affordable and private rented housing, has bought six live private and affordable sites with work in progress with a fair value of around £15 million and fixed assets. And it has acquired a brand licence to build homes as Mactaggart &amp; Mickel on a further 11 private and affordable sites. These will transfer to Springfield as homes sell in line with the payments of the deferred consideration.</span><br/></p><p><span>These sites, totalling 17 with 16 carrying planning permission, amount to around 700 homes with a gross development value of around £230 million.</span><br/></p><p><span>The two Scottish housebuilders have also entered into a strategic alliance, allowing Springfield to acquire sites from Mactaggart &amp; Mickel in the future from its remaining landbank of around 2,300 acres across Scotland.</span><br/></p><p><span>Springfield will also acquire Mactaggart &amp; Mickel’s …