Estera, a leading provider of fiduciary and administration services, has been involved in reportedly the largest property transaction to complete following the UK’s Brexit announcement earlier this year.
The group’s Jersey real estate team acted as majority directors for BL Development Limited an investment vehicle controlled by Abu Dhabi Financial Group (ADFG) a leading investment firm headquartered in Abu Dhabi on its acquisition of New Scotland Yard in London for £370m which completed on 01 November.
The intention is to develop the site which will be named the 'The Broadway' and is scheduled to complete in 2021 providing 485,000 sq ft of residential space 146,000 sq ft of commercial space and 37,500 sq ft of retail. Director, Brendan Dowling, led the team supported by Group Manager, Niamh Fountaine, and Senior Client Managers, Kirstie Le Feuvre and Ginette Fullerton.
Brendan commented; “We are delighted to work with ADFG again on such a significant transaction which demonstrates their continued commitment to investing in unique developments in London and is also a real vote of confidence for the UK real estate market following Brexit."
Estera’s real estate team has expertise in establishing and administering structures for joint ventures, funds and long-term asset holdings across a range of property sectors including commercial real estate, residential property development and industrial buildings.