Glategny Court is CI Property Fund's biggest purchase yet

Glategny Court, home to the Guernsey Financial Services Commission, Investec and law firm Collas Crill, with accountants KPMG moving in during September to take the building to full occupancy, has been added to the fund's portfolio at a cost of £44m., its biggest acquisition to date.

It has also completed the purchase of 40, Esplanade in Jersey for £7.7m.

Jon Ravenscroft from Ravenscroft, investment managers for the fund, said that the Regency Court purchase had been 'a great deal for the fund', particularly given the covenants in place.

The deal was part-funded by a placing of 41.775m. £1 shares on the official list of the Channel Islands Securities Exchange, where the fund is also listed.

Both the placing and the acquisition were advised by teams from Collas Crill.

'Advising a Guernsey-domiciled and regulated investment fund with a Guernsey manager and broker in Ravenscroft 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,' said senior associate Wayne Atkinson.

'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.'