Sectors: 1064

Guernsey fund in £40m+ share placement and property buys

15 August 2014

The Guernsey domiciled Channel Island Property Fund Limited has been advised by Collas Crill on a £41.7 million placing and property acquisitions.

The Guernsey incorporated authorised closed ended investment company undertook a placing of a further 41,775,000 shares, valued at £1 each, on to the official list of the Channel Islands Securities Exchange.

The proceeds of the placing were used in the acquisition of two prestigious commercial properties in the Channel Islands; Glategny Court in St Peter Port, Guernsey and 40 Esplanade in St Helier, Jersey.

A Collas Crill team led by Paul Wilkes and Wayne Atkinson, working with Gareth Morgan and Kit Hobbs, advised in relation to the placing, financing arrangements and company aspects of the acquisitions while Collas Crill's commercial property team - Chris Bound, Jason Green and Joe Le Cheminant - advised in relation to the acquisition of Glategny Court.

Mr Atkinson said: "It was a pleasure to be involved in this substantial transaction in the Channel Islands.

"Advising a Guernsey-domiciled and regulated investment fund with a Guernsey manager and broker (Ravenscroft Limited) on the acquisition of two significant Channel Islands properties and the placing of shares on the Channel Islands Securities Exchange clearly illustrates the depth of financial and legal expertise in the islands and, specifically, of the professionals involved both at Ravenscroft and Collas Crill.

"We believe this is one of the largest placings of this type made onto the Channel Islands Securities Exchange and for the proceeds to be invested locally illustrates the strength of the two islands' financial sectors."

 

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