31 March 2015

Carey Olsen advises South African property fund on acquisition of Trafalgar Court for £61.3m.

Carey Olsen's Guernsey office has advised on the £61.3 million acquisition of the island's largest commercial office building, Trafalgar Court, to South African property fund Stenprop Trafalgar Limited.

The commercial property team advised on all aspects of the transaction and included partner and head of property, Jason Morgan, along with senior associates John Le Tissier and Jonathan Anderson.

Mr Anderson said: "The purchase of this landmark waterfront property by Stenprop demonstrates how attractive Guernsey's commercial real estate is to international investment companies.

"The island's stock of Grade A office space is well designed and constructed, invariably occupied by long-term institutional tenants and presents compelling investment opportunities. It is encouraging to see Guernsey holding its own against the best that the UK and Europe have to offer."

Trafalgar Court forms part of the Admiral Park development in St Peter Port. It comprises 113,000 sq. ft. of prime office space which has been finished to a high specification. Current tenants include Northern Trust and Aztec Financial Services with the fund's investors likely to see a net yield of approximately 6.5%.

Carey Olsen's property practice across the Channel Islands has been involved in several significant disposals and acquisitions recently that reflect a positive outlook for the sector. These include acting for CompropCI on the sale of Glategny Court to the Channel Islands Property Fund for £44 million and advising the Scott family on the sale of its car dealership, and associated property portfolio, to Ravenscroft Investments PCC Limited  in a deal worth £41.7 million.