Colliers International’s debt advisory team support Jersey’s Seaton Place to boost portfolio to gross asset value of c£135 million
Colliers International’s debt advisory team has supported their client, Seaton Place, acting as investment advisor to Silk Road Opportunities Fund IC, to secure the acquisition of 27/28 Esplanade, a 70,000 sq ft prime office building in Jersey for £41 million. Colliers also advised their client on a refinance of its £90 million, 165,000 sq ft prime office investment in Gaspé House, also on the island, which was originally acquired in late 2018.
27/28 Esplanade, known as JTC House, is a modern, Grade A commercial property which was completed in 2017 to the highest standards and specifications, with a BREEAM rating of ‘Very Good’. Spread over seven floors the building, which is fully let on long leases to high-quality tenants, occupies a prime position in the island’s central business district.
Through their knowledge of the financial markets, the Colliers’ debt advisory team was able to identify a US institution not previously active in the Jersey market and to source from it highly advantageous terms for the Fund’s bespoke capital structure. The offer afforded such an exceptional structured return that the Fund’s previous investment in Gaspé House was refinanced on those same favourable terms.
Laurence Richardson, Colliers’ Director of Debt Advisory, said: “Our in-depth knowledge of the real estate finance market has meant that we’ve been able to support Seaton Place to get the optimum senior financing terms for both the acquisition and the existing investment. We are delighted to have been involved and to have assisted our client to further its strategy and maximise the efficiency of its capital structure.”
Steve Herbert, of Seaton Place, added: “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.
Colliers helped us to identify an ideal funding partner for both assets which, together with the successful launch of the Silk Road Opportunities Fund, now gives us a platform from which we can continue to grow our portfolio.”
Colliers began offering clients a debt advisory service in October 2018, having acquired a former debt advisory business, which has advised clients on more than £6.5 billion of development and investment loans over the past five years.