Investment manager Cenkos Channel Islands has launched a new
fund giving investors the ability to invest in local property
within the Channel Islands.
Capitalising on the islands' strong commercial property
sector, the Channel Islands Property Fund Limited, is an
authorised, closed-ended investment company incorporated in
Guernsey and listed on the Channel Islands Stock Exchange. The
company anticipates that the fund will pay out dividend yields of 6
percent per annum.
"Our aim is to provide a return from a combination of
capital growth and an appropriate dividend policy through the
acquisition and active management of commercial property,
predominantly in the Channel Islands. We have already acquired our
first property in Guernsey, Regency Court, situated at Glategny
Esplanade within St Peter Port and are finalising a deal to
purchase a property in St Helier, Jersey before the end of the
year," said Jonathan Ravenscroft, Chief Executive of Cenkos
Guernsey resident and Chairman of Breedon Aggregates and
Leicester Tigers, Peter Tom, who is Chairman of the Channel Island
Property Fund said: "With political stability, successful
economies, low tax rates and international credibility, the islands
offer an attractive business environment. That, combined with local
planning restrictions in both islands that limit the availability
of new stock means that developments tend to be occupier led,
resulting in historically low vacancy rates.
"Compared with the UK, where the peak to trough fall in
commercial property values was in excess of 42 percent, values in
the Channel Islands are believed to have remained broadly stable.
With recent positive news coming out of the rental markets too, the
board consider this to be an attractive investment opportunity and
as such, the board and the investment manager have committed a
combined investment of circa £2,000,000 in the company on the
same terms and conditions as other investors."
Cenkos is using Riverside Capital Group Limited as an investment
consultant and Montagu Evans (CI) Limited as property manager
responsible for all future acquisitions as well as day to day
property management. Legis Fund Services Limited will act as an
administrator and registrar for the company and Mourant Ozannes
will be its legal advisers.
Founded in 2005 as a private client, intermediary and
institutional stockbroker, Cenkos Channel Islands Limited is a
subsidiary of Cenkos Securities.
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