Acquisition by CIPF of two prestigious blocks
A Guernsey commercial property investment company has completed the purchase of two major office buildings in the Isle of Man.
The Channel Islands Property Fund Limited (CIPF) is the owner of newly-built Vicarage House at Isle of Man Business Park, which has been let to Zurich Financial Services on a 15 year lease.
The 30,000 sq ft block with 225 parking spaces has been sold to CIPF by property developer Dandara.
CIPF bought First Names House in Douglas, with 23,000 sq ft of office space and parking for 106 vehicles, from occupants First Names Group.
Managing Director Craig Brown said the transaction ".. not only secures a long-term base in the Isle of Man for our growing business but also frees up capital which we will reinvest to further enhance that growth."
The acquisitions have a combined value of more than £18 million.
CIPF bought its first Isle of Man property in August 2016.
Chairman Shelagh Mason said of the purchases: ".. they're important additions to our rental portfolio of grade A office space, which includes Fort Anne in the Isle of Man, as well as Liberation House in Jersey and Regency Court in Guernsey."
She added:"The Channel Islands Property Fund was established to provide a return from the purchase and active management of commercial property in the Channel Islands and has now invested in the Isle of Man, a jurisdiction with many of the same characteristics."
RBS International's real estate finance provided funding for the acquisitions.