Royal Bank Place in Guernsey has been sold to the Channel Islands Property Fund.
The specialist real estate investment company, which owns sites in Guernsey, Jersey and the Isle of Man, has added the prestigious office at 1, Glategny Esplanade, to its portfolio.
The building, which measures more than 40,000sq.ft and includes basement parking, was the first flagship office building to have been completed on the former Royal Hotel site. It is tenanted by The Royal Bank of Scotland International Limited, PwC and Apax Partners and has been purchased from a group of high net worth investors who have owned it since October 2017.
“Royal Bank Place is one of the most recognisable landmarks on the St Peter Port seafront and perfectly complements the other Grade A offices we have within the Channel Islands Property Fund,” said CIPF chairman Shelagh Mason.
“The fund, which was established to provide a return from the purchase and active management of commercial property in the Channel Islands and the Isle of Man, continues to be popular with investors who benefit from annual dividend and prospective capital growth. This building fits in well with our strategy of sustainable returns to our shareholders.”
Royal Bank Place is the fund’s second purchase of properties on the former hotel site. In October 2017, it acquired Royal Chambers and The Rotunda from the liquidators of Jubilee Scheme 2 LP (In Dissolution), which was part of the Long Port Group.
Ravenscroft is investment manager to the fund and CEO Jon Ravenscroft said local shares continue to be popular.
“There has always been considerable demand from Channel Islands-based investors for local shares, whether that is by investing in properties through CIPF, in local businesses through the Bailiwick Investments Limited fund or in owning shares directly as we have recently seen with Sandpiper,” he said.
“The importance of owning non-UK situs assets is becoming increasingly popular to offshore investors and they find it appealing to have part of their diversified portfolio invested locally, whether that’s in properties they pass regularly or businesses they use.”
Collas Crill acted as legal advisers to CIPF with Tristan Ozanne (Senior Associate), Paul Wilkes (Group Partner) and Michael Lyner (Associate) advising on the lending aspects; Gareth Morgan (Senior Associate) and Wayne Atkinson (Group Partner) covering the acquisition; and Paul Nettleship (Partner) leading the commercial property side of the deal.
