The Cubic Property Fund Limited has migrated from Jersey to Guernsey.
It is promoted by Montreux Advisers Limited and invests directly in commercial property in the UK and selected European countries. Key tenants include Barclays Bank, Costa Coffee, HSBC Bank, Nandos and Tesco.
Praxis Fund Services Limited in Guernsey has been appointed administrator, secretary and registrar.
Chris Gambrell, Managing Director of Praxis Fund Services Limited said: "Praxis has a strong track record in property fund administration and a reputation for providing innovative solutions to clients. We feel our expertise and experience played a key part in our being recommended for the role of administrator to the fund."
The primary investment objective of the Cubic Property Fund is to achieve appropriate levels of rental income and medium to long term capital growth from a diversified portfolio of property and property related assets. The Fund seeks to acquire quality properties (i.e. with strong tenants, long leases, secure rental growth and good locations) spread across commercial sectors and geographically dispersed across the UK, as well as stable European countries.
Subsequent to the migration, shareholders voted in favour of a P Share issue which raised an additional £25.5m.
ABN AMRO in Guernsey has been appointed custodian to the fund. The auditors and tax advisers to the fund is Moore Stephens in Guernsey and the Guernsey legal adviser is Carey Olsen.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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