05 November 2018
Carey Olsen advises on largest commercial property acquisition in the Channel Islands
A cross-practice team from offshore law firm Carey Olsen in Jersey has advised investment advisors Seaton Place Limited on its successful purchase of Gaspé House, marking what is being recognised as the completion of the largest single asset commercial office acquisition in the Channel Islands.
A Grade A building, Gaspé House stands in a prime waterfront location in St Helier's new business district, the Esplanade Quarter. It was completed in 2016 and consists of more than 164,000 square feet of state-of-the-art open plan office space spread over six floors.
Purchaser Seaton Place Limited sources, structures and purchases commercial real estate assets to provide investment solutions for international ultra-high net worth individuals, family offices and wealth managers.
Steve Herbert, director of Seaton Place Limited said: “Jersey has a long history as an offshore financial centre and many of the world’s top banks and financial institutions have a strong presence here. In our view, Gaspé House is the best office building on the island and we are very proud to have completed this acquisition”.
The Carey Olsen team was led by partners Chris Philpott and Robert Milner with support from property senior associate Will Whitehead and corporate and finance senior associate Colin Masterton. Carey Olsen's role as lead advisers further enhances the firm's reputation for delivering seamless cross-practice advice on landmark real estate transactions.
Carey Olsen head of commercial property Chris Philpott said: "Gaspé House is arguably the pre-eminent commercial property in the Channel Islands and we were delighted to work with Seaton Place Limited on this landmark transaction, which represents the most valuable single asset acquisition ever undertaken in the Channel Islands."