Channel Islands fund considers more acquisitions

The Channel Islands Property Fund is considering a new share issue to raise money for further property purchases after completing two acquisitions worth £48.1m. CIPF, which was first listed on the Channel Islands Stock Exchange only three months ago, has bought Regency Court in Guernsey for £37m, an initial yield of 6.4%, and 17-21 Seaton Place in Jersey for £11.1m, reflecting an initial yield of 6.9%. The fund’s net asset value is £1.05 per share, up from the initial listing price of £1 on 17 November 2010. CIPF, which initially raised £21.7m when it was launched by investment manager Cenkos Channel Islands in November 2010, has moved swiftly to buy two Channel Islands offices. Chairman Peter Tom said: “It is our policy to raise new equity capital when we decide to buy properties for the Fund, rather than have surplus cash lying idly on deposit. “We are currently considering some new opportunities and if we go ahead with any of them, we will come back to the market for a further capital raise.” Nick.whitten@estatesgazette.com To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.