Press release from Carey Olsen on Tuesday 14 September, 2021.
A cross-practice team from Carey Olsen has advised Stenprop, a UK multi-let industrial property company, on the £55 million sale of Trafalgar Court in Guernsey to ARC Global.
The prime office buildings, located at Admiral Park in St Peter Port, offer 10,564 sq m of Grade A office space.
The sale to ARC Global, a subsidiary of Global Net Lease Inc, further progresses Stenprop's strategy to become a 100% UK multi-let industrial business by March 2022, and increases its multi-let industrial portfolio from 83% to 92% of its total portfolio. It also paves the way for the company's proposed move to the Premium Segment of the Main Market of the London Stock Exchange before 31 March 2022.
The Carey Olsen cross-practice team was led by partners Jason Morgan (property) and Ben Morgan (corporate). They were supported by senior associates James Cooke (corporate) and John Le Tissier (property), and associates Kieran Ogilvie (property) and Jamie Oldfield (corporate).
Jason said: "It was a pleasure to support Stenprop on this notable sale and one that represents yet another important milestone for the company. The transaction serves as a reminder of the continued confidence in Guernsey's commercial property market as an investment opportunity. Carey Olsen's role as lead advisers also further enhances our reputation for delivering seamless cross-practice advice on landmark real estate transactions."
Stenprop CEO Paul Arenson added: "We are delighted with the successful sale of Trafalgar Court. As always, the advice and support we received from the team at Carey Olsen across a number of practice areas was greatly appreciated and ensured the smooth progression of the transaction."
The deal was undertaken via the sale of all of the issued share capital of a special purpose vehicle wholly owned by Stenprop.