Guernsey In UK Fund Listing First
Wednesday, April 06, 2011
Carey Olsen has just completed the UK's first ever listing of a closed-ended
real estate mezzanine finance fund on the London Stock Exchange (LSE) in a GBP50m
deal, the firm announced on April 5.
With instruction from Berwin Leighton Paisner, with Oriel Securities as sponsor,
Carey Olsen advised Duet Real Estate Finance on all Guernsey legal and regulatory
aspects of the listing.
The unique fund has raised capital to invest in the European commercial real
estate debt market and, upon listing, exceeded the minimum target with interest
from a range of investors.
The Carey Olsen team was headed by Ben Morgan and Geoff Ward-Marshall.
"Banks have been retreating from property lending, squeezed by Basel
regulations and overexposure to the market," Morgan said. "What
Duet has done here is fill the void in this type of mezzanine financing for
property and it has been exciting for Carey Olsen to be involved in such a pioneering
fund launch."
"It is important to note that this is the first deal of its kind in the
UK and Guernsey was chosen as the jurisdiction for the structuring of the listing
which speaks volumes about the island's regulatory framework and Carey
Olsen's expertise in providing advice on innovative structures,"
Ward-Marshall added. |
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