Created Date:
01 February 2023
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Carey Olsen supports JR Capital on launch of latest logistics fund

Carey Olsen's Jersey investment funds team advised multi-family office and property investment and development firm, JR Capital, on the launch of its latest logistics fund, MLI UK Value Add LP, which has already acquired its first asset.

The five-year life fund expects to target industrial, warehousing and urban logistics assets in the UK and was launched as a joint arrangement by JR Capital and property developer and asset manager Chancerygate.

The fund, which has a target of £150 million, recently held a £40 million first close backed by JR Capital's Middle East private and institutional client base. The first investment is a £7.4 million acquisition of the 108,000 sq ft Port Road Business Park facility in Carlisle.

The Carey Olsen team advising on the Jersey related corporate and regulatory aspects of the transaction was led by partner Dan O'Connor, supported by senior associate Arindam Madhuryya and associate Devon Clarke. The team advised alongside onshore counsel Greenberg Traurig LLP.

Dan commented: "Following the success of their first fund, JR Capital and Chancerygate have chosen the Jersey Private Fund (JPF) regime again for MLI UK Value Add LP. The JPF regime is well-respected, cost-effective and fast and has no AIFMD requirements for funds which, like this one, are not 'marketing' in the UK or European Economic Area. We wish JR Capital and Chancerygate continued success in their fundraising and investment programmes."

Michael Ferris, Head of Investment capital at JR Capital, said: "We were pleased with the success of our first fund and the flexibility and nimbleness the Jersey Private Fund route offered us, which made it a natural choice for the launch of our second fund. We have been working with the Carey Olsen team for a long time now, and they have always been very thorough and commercially focussed. Their responsiveness has been central to the success of this launch and we are grateful for their expertise and insight."

Carey Olsen previously advised on the launch of JR Capital and Chancerygate's first multi-let industrial fund in 2019 which raised £100 million and had secured 24 assets by the close of 2022.