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Carey Olsen has advised on the £475 million launch of InfraRed Active Real Estate Fund III which benefitted from Guernsey's flexible funds regime to offer an investment solution to certain limited partners.
Continuing the investment strategy of targeting real estate projects in the UK and selective European markets, Active Fund III follows the success of InfraRed's Active Fund I and Active Fund II.
In common with the predecessor funds, Active Fund III is formed of UK domiciled vehicles, but when certain investors required an alternative investment solution, InfraRed was able to add a parallel Guernsey vehicle without disrupting its overall management and administration arrangements.
Guernsey funds partner David Crosland and associate Gemma Campbell advised on the offshore aspects of the launch alongside onshore counsel, Weil, Gotshal & Manges.
Mr Crosland said: "Fund structures are becoming more and more flexible and tailored to investors' demands and, whilst Guernsey is able to offer a one-stop fund domicile, our flexible limited partnerships law and regulatory regime for funds mean we are equally adept at providing tailored solutions as part of larger fund structures."
The firm has advised on a number of real estate funds during the last twelve months using both Guernsey and Jersey structures, joint ventures and club deals. Most recently Advocate Crosland led the team advising HSBC Alternative Investments Limited on the acquisition of The Centre in Livingston and the Jersey team advised both the launch and secondary fund raising of the largest ever real estate fund to list on the LSE.
Other fund transactions in the property sector included the acquisition of the Telegraph Media Group's headquarters for a Jersey fund and the purchase of The Wentworth Club for a China-based investment group which was handled by teams across Carey Olsen's Jersey and British Virgin Islands offices.
Carey Olsen was recently ranked in tier one for its corporate and funds work across the Channel Islands by the prestigious International Financial Law Review 1000 and for investment funds work by Legal 500.
