Deals and Client Wins Maples Advises Apache Capital Partners on Sale of International Firm's HQ in Jersey
21 Oct 2020
Maples and Calder, the Maples Group's law firm was delighted to act as lead Jersey counsel for Apache Capital Partners ("Apache Capital") in relation to the recent sale of office buildings at 18-22 Grenville Street, Jersey, the headquarters of an international law firm, by way of a share sale to the Channel Island Property Fund for an undisclosed sum.
London-based Apache Capital is a leading investor, developer and operator of living estate. The 49,000 sq. ft. single-let office building at Grenville Street represented the sole commercial property within Apache Capital's portfolio. The successful re-gearing of the occupational lease and the subsequent share sale were both negotiated during a lockdown period as a result of COVID-19. Apache Capital plans to re-invest the funds from the disposal into its living real estate strategies focused on the senior living and build-to-rent sectors.
Teams in the Group's Jersey and Dublin offices advised on the sale and disclosure process, prepared and negotiated all transaction documentation and provided transactional support to ensure a successful conclusion to the transaction. The Jersey team was led by Simon Hopwood and Partner Paul Burton, who were supported by Associates, Amy Black and John Burns. The Jersey team also collaborated with Dublin Partner, Deirdre MacCarthy and Associate, William Darmody on transactional support.
Simon Hopwood, head of the Funds & Investment Management team in Jersey said "It was a pleasure to once again advise Apache Capital Partners on this significant transaction and although it was undertaken during challenging period, we were pleased to successfully complete the sale. The transaction was a real team effort and illustrates the quality and distinguished capabilities of our Jersey practice along with our ability to leverage the Maples Group's global network as cross-jurisdictional matters arise."
John Dunkerley, co-founder and chief executive of Apache Capital Partners said: "The announcement underlines the ability of our team and the Maples' team to work successfully in what has been undoubtedly a uniquely challenging time. Our focus as a business remains on alternative residential asset classes such as UK multifamily, which has demonstrated considerable resilience during this pandemic, and the disposal of 18 – 22 Grenville Street will fund further progress and growth of our build-to-rent and senior living pipelines."
Jamie Snary, asset management director at Apache Capital Partners, said: "We are delighted to be able to announce a successful sale that will enable us to focus on our core business area: living real estate. Our successful stewardship of 18 – 22 Grenville Street is ultimately what attracted the Channel Island Property Fund as a buyer. The re-geared lease - negotiated during lockdown - generated significant additional value for our investors at the same time as creating a very attractive and secure long income stream for the new owners.
Maples' advice and support in relation to our share sale was invaluable. This was our second deal working with the Maples team, which has always provided an outstanding, responsive and friendly service."
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