Assistance by Bedell Cristin secures landmark property
LAW FIRM Bedell Cristin advised RBS International in connection with finance made available to the Channel Islands Property Fund Limited for the purchase of a landmark Guernsey building.
The team provided Guernsey and Jersey law advice in connection with the financing of the acquisition by the fund of Royal Bank Place at 1, Glategny Esplanade.
The transaction also involved a refinancing of the existing facility to the fund, the portfolio of which comprises high end commercial properties in Guernsey, Jersey and the Isle of Man.
‘We were delighted to be able to assist RBS International with the successful delivery of this latest transaction for the Channel Islands Property Fund Limited,’ said Kate Ovenden, a Guernsey partner at Bedell Cristin who helped lead the firm’s team.
‘Our continued instruction by the bank in these matters is testament to our ability to provide market-leading, robust and commercial finance and property advice across our different jurisdictions.’
The Bedell Cristin team was also led by Jersey partner Tim Pearce, assisted by Ann Halliday, counsel, Antony Clerehugh, senior associate, and Jennifer Mills, legal assistant.
Simon Chandler, director of real estate finance, RBS International, added: ‘Once again we have successfully achieved a closing of financing for the Channel Islands Property Fund Limited, demonstrating our ability to field a team of talented professionals across the Channel Islands to provide premier real estate finance solutions for our customers.’
The building, which measures more than 35,000sq. ft and includes basement parking, is tenanted by The Royal Bank of Scotland International Limited, PwC and Apax Partners. It has been purchased from a group of high-net-worth investors who have owned it since October 2017.
‘Royal Bank Place is one of the most recognisable landmarks on the St Peter Port seafront and perfectly complements the other grade A offices we have within the Channel Islands Property Fund,’ said CIPF chairwoman Shelagh Mason. ‘This building fits in well with our strategy of sustainable returns to our shareholders.’
