GASPÉ HOUSE PURCHASE
PRESS RELEASES
SEATON PLACE LIMITED IS DELIGHTED TO ANNOUNCE THE PURCHASE OF GASPÉ HOUSE, IN JERSEY, THE PRE-EMINENT OFFICE BUILDING IN THE CHANNEL ISLANDS.
Gaspé House was completed in 2016 and was built to the highest standards and specifications. It is a Grade A office building with a BREEAM rating of Excellent. Consisting of more than 164,000 square feet spread over six floors, the building occupies a prime sea-front position on the Esplanade in St. Helier.
The building is fully let on long leases to high-quality tenants, Royal Bank of Canada, First Names Group, Collas Crill and Deloitte.
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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.
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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.
Carey Olsen head of commercial property, Chris Philpott, 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."
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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.
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CBRE Jersey was the property advisor on the transaction on behalf of the purchaser. Tax advice and financial due diligence were provided by Smith & Williamson and corporate services by Praxis IFM, Jersey.
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We are delighted to have sourced, structured and purchased such a high-quality asset that meets the requirements of our ultra-high net worth and family office investment partners.
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Giles added: “We are pleased to be able to secure Gaspé House despite tremendous competition from large global institutional investors. We intend to roll out our strategy of utilising high-quality income from commercial real estate and bonds to provide bespoke targeted portfolio solutions for investors across fixed income and property asset classes”.
ABOUT SEATON PLACE LIMITED
Seaton Place is an investment advisor that sources, structures and purchases commercial real estate assets. Seaton Place is the investment advisor and the investment vehicle for the transaction.
We provide innovative investment solutions for Family Offices, HNWI and Wealth Managers globally. A differentiating feature of Seaton Place is our combined expertise and resources in fixed income and property, which enables us to deliver innovative commercial property solutions. We perform cross-asset analysis, valuation, macro and credit appraisal to identify high-quality risk-adjusted opportunities. We offer innovative investment solutions to meet investor needs with flexible pooled fund investments, single investments or club deals. We buy whole buildings and invest in senior and mezzanine debt and equity to create the optimal risk-adjusted returns for our investors.
CONTACT
GILES ADU
giles@seatonplace.je
+44 (0)7700 329551