Regional REIT Limited, a Guernsey real estate investment trust (REIT), has listed on the Main Market of the London Stock Exchange.

The Guernsey vehicle merges two existing funds and will target investments in commercial property in major regional centres outside London.

Carey Olsen advised on the successful launch and admission to trading of the fund. Carey Olsen Partner and Head of the Guernsey Corporate Group Graham Hall, Senior Associate Annette Alexander and Associate Alexandria du Jardin advised on all Guernsey aspects of the listing, while Macfarlanes LLP acted as UK Counsel.

Advocate Hall said: "This was a very successful transaction for the company having received strong support from both existing and new shareholders. The decision to structure the fund as a Guernsey REIT is an endorsement of both the regulatory system and the expertise available here in Guernsey."

Regional REIT Limited is managed by Toscafund Asset Management LLP, with London & Scottish Investments Limited managing the property portfolio.

Stephen Inglis, Chief Investment Officer and Property Director for London & Scottish Investments, said: "There is a structural lack of supply for quality office and industrial space in the major UK business areas outside of London - the areas showing the strongest signs of growth as the economy continues to improve. This, alongside our experience and knowledge of the market, presents us with an opportunity to create sustainable income and strong capital returns for our investors."

Heritage Depositary Company (UK) Limited, a company of Guernsey-based Heritage Group, has been appointed as depositary to Regional REIT.

Mark Huntley, Managing Director of Heritage Depositary Company (UK) Limited, said: "We have established an excellent relationship with Toscafund and since our authorisation by the FCA, have been providing depositary services for their two commercial property funds that merged into this new structure. We are excited at the growth of this client and this appointment further underlines Heritage's capabilities in providing professional and efficient depositary services to UK alternative investment fund managers in a competitive market."

Peel Hunt acted as sole sponsor, financial adviser, bookrunner and corporate broker. The REIT has a market capitalisation of approximately £274.2 million.

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