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Gaspé House sells for nearly £90 million

Gaspé House sells for nearly £90 million

Wednesday 07 November 2018

Gaspé House sells for nearly £90 million

Seaton Place Limited has bought Gaspé House for nearly £90 million from developers Dandara in what has been described as the largest single asset commercial office acquisition in the Channel Islands.

Completed in 2016, Gaspé House is a Grade A office building with more than 164,000 square feet spread over six floors.

It is fully let on long leases to the Royal Bank of Canada, First Names Group, Collas Crill and Deloitte.

Purchaser, Seaton Place Limited, structures and purchases commercial real estate assets to provide investment solutions. Steve Herbert, Director, 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."

Seaton Place was advised by offshore law firm Carey Olsen on the transaction. The team was led by Partners Chris Philpott and Rob Milner, with support from Property Senior Associate Will Whitehead and Corporate and Finance Senior Associate Colin Masterton.

Chris Philpott, Head of Commercial Property, 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 deal, which represents the most valuable single asset acquisition ever undertaken in the Channel Islands."

Chris Philpott

Pictured: Chris Philpott, Partner and Head of Commercial Property at Carey Olsen.

CBRE Jersey was the property advisor on the transaction on behalf of the purchaser. Jon Carter, Managing Director of their Jersey office said: “This is the largest ever single commercial property transaction in Jersey and indeed the Channel Islands. This acquisition shows tremendous confidence within the local finance industry and the island as a whole. The property is Jersey’s most impressive commercial building and the tenants are all first class, high profile names.

Tax Advice and financial due diligence was provided by Smith & Williamson and corporate services by Praxis Fund Services (Jersey) Ltd. Lloyds Bank International provided senior debt to help fund the acquisition.

Ogier finance and property teams acted for Lloyds Bank International Limited.

Partner Katrina Edge said: "We are delighted to have been able to demonstrate once again effective cross-team collaboration to achieve a great result for this long-standing institutional client in yet another landmark transaction in the Island."

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