Pandemic response raises CI profile

The assessment comes from the investment manager of the Channel Islands Property Fund in a recent update. Ravenscroft Specialist Fund Management Ltd considered the impact of the pandemic in the interim report and unaudited condensed consolidated financial statements for the period from 1 November 2019 to 30 April 2020.

‘Of significance in the investment market is the interest of investors from the UK and beyond, seeking c.£100m. of real estate investment in Guernsey and Jersey, the majority of which have identified offices as the preferred sector, and many who have never invested here before,’ said the investment manager in its report contained in the document.

‘It would seem that the increased profile that the islands have gained as a result of the handling of the pandemic may very well lead to new building owners in both jurisdictions.’

Separately, the Channel Islands Property Fund has announced the purchase of a headquarters office building in Jersey.

It has completed the purchase of 18-22 Grenville Street in St Helier. The building is the Jersey headquarters for law firm Mourant and is let on a long term lease, which the fund said was ‘accretive’ – gradually increasing – to the portfolio dividend.

In an update on the International Stock Exchange, the fund also said: ‘The acquisition is in line with the company’s intention to reinvest the proceeds of the sales of Carey House and Bucktrout House earlier in the year and to rebalance its investments between the islands.’ No price on the acquisition was given in the update.

The acquisition in Jersey follows on from the fund’s £7.7m. purchase of Valley House in St Peter Port earlier this summer.

The building is the new headquarters for Oak Group Ltd.