Corporate and Finance
Millstream Property Limited
Edward Scott advised on the acquisition by Millstream Property Limited (MPL), a Jersey company, of an office building in Windsor, Berkshire for £56,250,000. MPL is wholly-owned by a major Shariah-compliant Malaysian institutional investor, This was the first acquisition of UK real estate sponsored by the investor in some years and was agreed soon after the BREXIT referendum.
Funding was a mix of equity through a Jersey holdco and propco structure, and a murabaha, provided by Maybank Islamic Berhad. Edward worked closely with Addleshaw Goddard (English counsel for MPL) and Volaw Trust and Corporate Services Limited (MPL’s Jersey corporate administrator). Baker & Mackenzie and Walkers acted for Maybank.
Wilton Property Limited
Edward Scott and Jordan Constable are advising on the acquisition by Wilton Property Limited, a Jersey company, of a Luxembourg company that owns a central London office building, for £71,500,000. It is another acquisition of UK real estate sponsored by Malaysian institutional investor. Again, the transaction will be funded by a mix of equity through a Jersey holdco and propco structure, and Islamic finance in the form of a murabaha provided by a Malaysian bank. But here the acquisition is of a corporate vehicle rather than a direct real estate purchase. Addleshaw Goddard act as English counsel for MPL and Eversheds act as English counsel for the seller.
Financial Services Opportunities Investment Fund Limited (FSO)
FSO is a fund listed on the Channel Islands Securities Exchange. Edward Scott acted on FSO’s acquisition of a 20% interest in Enhance Group, an investment consultancy group that is regulated by the Jersey Financial Services Commission.
The transaction involved extensive liaison with the JFSC as well as putting in place a complicated share structure for Enhance Group Limited, a Jersey company. This was a Channel Islands transaction and no English counsel was involved. Edward led on negotiating the terms of the acquisition and the joint venture arrangements between the shareholders. Our involvement in the matter commenced in September 2016 and we completed our advice in December 2016.
Establishing a Jersey Limited Partnership and advising on two commercial real estate sale and purchase transactions entered into by Jersey SPVs totalling around £12,500,000, including giving legal opinions to the counterparties. On the first transaction Addleshaw Goddard acted as English counsel for Tellon Capital and Mishcon de Reya acted as English counsel for the Buyer. On the second transaction Quastel Midgen acted as English counsel for Tellon Capital and Reed Smith acted as English counsel for the Seller. Our involvement with this structure commenced in December 2016.