Praxis Fund Services in major commercial property transaction

Thursday 7 November 2019|Corporate, Funds, General News
HomeNews & ViewsPraxis Fund Services in major commercial property transaction

The team in Jersey provided corporate services for the £41million acquisition of 27/28 Esplanade by Seaton Place Limited.

Completed in 2017, the property known as JTC House is a Grade A office building in central St Helier, Jersey. It provides more than 71,000 square feet spread over seven floors and is fully let on long term leases.

‘Our Funds team was once again delighted to be working closely with Seaton Place Limited, Collas Crill and all other counterparties to complete this successful transaction’, said Josh Farrow, Praxis Fund Services Head of Funds in Jersey. ‘The new acquisition complements the existing portfolio and perfectly aligns with the investor requirements.’

Seaton Place Limited was advised on the transaction by offshore law firm Collas Crill.

CBRE (Jersey) Ltd acted as property advisor on the transaction on behalf of the purchaser, tax advice was provided by Grant Thornton International.

Seaton Place Limited structures and purchases commercial real estate assets to provide investment solutions. Steve Herbert, Director, said: ‘We are delighted to have followed up last year’s purchase of Gaspé House with the acquisition of another high-quality office building in the heart of Jersey’s business and financial district.’

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