JTC HOUSE PURCHASE
PRESS RELEASES
SEATON PLACE LIMITED IS DELIGHTED TO ANNOUNCE THE PURCHASE OF 27/28 ESPLANADE IN THE HEART OF THE CENTRAL BUSINESS DISTRICT IN JERSEY, CHANNEL ISLANDS FOR £41M, TO ACHIEVE A NET INITIAL YIELD JUST ABOVE 6%.
Known as JTC House, the modern, design-led commercial property was completed in 2017 and has been built to the highest standards and specifications. It is a Grade A office building with a BREEAM rating of ‘Very Good’. Consisting of 71,000+ square feet spread over seven floors, the building occupies a prime position on The Esplanade.
The building is fully let on long leases with an average unexpired lease term of 18.5 years to high-quality tenants, including JTC Group, Saltgate and Ardian Capital.
Seaton Place sourced, structured and advised on the purchase of the newly launched Jersey private fund, Silk Road Opportunities Fund, which launched on 30th September. The fund invests in high-quality, environmentally sustainable commercial property, let to blue chip tenants with the objective of securing long-term income and capital appreciation. The fund invests in property in the Crown Dependencies, UK and Europe, with a choice of income and equity share classes available.
The fund portfolio holds commercial property assets of approximately £135M and has a rich pipeline of future transactions in progress. Fund assets are expected to grow significantly in the coming 12 months.
Seaton Place and Silk Road Opportunities Fund’s advisors on the transaction were offshore law firm Collas Crill, Property Advisor - CBRE (Jersey) Ltd, Tax Advisor - Grant Thornton International and Fund Administrator, Praxis Fund Services (Jersey) Ltd.
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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. The successful launch of the Silk Road Opportunities Fund now gives us a platform from which we can continue to grow our portfolio.
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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