Carey Olsen has advised Singaporean property developer and asset manager Sun Venture on the launch of its first Jersey Private Fund (JPF), structured as a Jersey Limited Partnership, to facilitate the purchase of 1 and 2 New Ludgate in the City of London.
At £552m, the acquisition was the largest in the UK real estate market in 2020. Occupying a 1.5 acre site next to the Old Bailey, 1 and 2 New Ludgate provide a combined 389,615 sq ft of office and retail space.
The fund launch follows Sun Venture's acquisition of One New Oxford Street in July 2020, in which Carey Olsen also acted, which marked the firm's first acquisition outside Singapore.
The Carey Olsen corporate team for this transaction was led by Jersey Partner Chris Griffin, assisted by Singapore-based Senior Associate Susan McKinstray.