11 January 2021
Carey Olsen advises Sun Venture on Jersey Private Fund facilitating the UK's largest real estate acquisition of 2020
Carey Olsen has advised Singaporean property developer and asset manager Sun Venture on the launch of its first Jersey Private Fund (JPF), structured as a Jersey Limited Partnership, to facilitate the purchase of 1 and 2 New Ludgate in the City of London. At £552 million, the acquisition was the largest in the UK real estate market in 2020.
Occupying a highly prominent 1.5 acre site next to the Old Bailey with views of St Paul's Cathedral, 1 & 2 New Ludgate provide a combined 389,615 sq ft of office and retail accommodation.
The fund launch follows Sun Venture's successful acquisition of One New Oxford Street in July 2020, which marked the firm's first acquisition outside Singapore.
The Carey Olsen corporate team was led by Jersey partner, Chris Griffin, assisted by Singaporean-based senior associate, Susan McKinstray.
Susan said: "We were delighted to support Sun Venture from our Singapore and Jersey offices with the launch of its inaugural Jersey Private Fund and its landmark UK real estate deal.
"The JPF regime enables a proportionate and fast-track regulatory process making it a very nimble fund product, and it is encouraging to see Singaporean fund managers making use of it".
For further insight into Jersey fund vehicles, please follow the link to Susan McKinstray's article for Asia Business Law Journal: The Jersey fund products that offer a lighter touch regulation.