CIPF expands portfolio with £18m Isle of Man acquisitions

Monday 19 June 2017

The Channel Islands Property Fund (CIPF) has expanded its portfolio with two major Isle of Man office buildings.

The specialist property fund has now acquired Vicarage House in Braddan business park and First Names House in Douglas – it’s second and third Isle of Man-based procurements since the fund bought Fort Anne in August 2016.

Newly-built 30,000 square foot Vicarage House, which features 225 parking spaces, will be let to Zurich Financial Services on a 15-year lease.

23,000 sq. ft First Names House, which comes with 106 parking spaces, meanwhile, will be occupied by its namesake, First Names Group. Managing Director Craig Brown said that the move would “free up capital”, which they will reinvest in business growth.

CIPF was set up to provide a return from the purchase and active management of commercial properties in the Channel Islands.

Pictured: Vicarage House, where Zurich Financial Services will be based.

Shelagh Mason, Chairman of CIPF, said that the group were “delighted” with their new acquisitions.

“They’re important additions to our rental portfolio of grade A office space, which includes Fort Anne in the Isle of Man as well as Liberation House in Jersey and Regency Court in Guernsey,” she commented.

Simon Chandler, head of client coverage, Real Estate Finance at RBS International said that the funding for the acquisitions demonstrates the company’s, “…continued appetite to support investment in the commercial marketplace across our jurisdictions.”

“We’re proud to have worked with CIPF to allow them to expand their portfolio into the Isle of Man.”

Seamus Nugent, managing director of Dandara, who assisted with the acquisition, added: “The Isle of Man’s reputation as an innovative international offshore business centre makes it an attractive location for major organisations, who demand high quality Grade A office accommodation. As the Isle of Man’s premier property developers, we are extremely pleased to have provided Zurich Financial Services with their new corporate offices at the Isle of Man Business Park and to have sold the building to Channel Islands Property Fund for their growing blue chip investment portfolio.”