Ogier Jersey has advised in relation to the establishment of the first incorporated limited partnership in Jersey, Invescap (Villette) ILP (“Invescap”). Invescap invests in UK commercial real estate.
Key features of the transaction include: • the use of shari’a asset-backed certificates as part of a shari’a acceptable structure and funding arrangement; and • the first launch of an incorporated limited partnership following the introduction of these new investment vehicles in Jersey in May 2011.
This novel and unique transaction required in depth legal advice from Dan Richards, Partner, and Samuel Sturrock, Associate, at Ogier on the incorporated limited partnership, corporate, regulatory and finance matters.
Lee Douglass, a director of Invescap Holdings Limited who instructed Ogier in relation to the structure said "Ogier provided Invescap with a level of client service that exceeded our expectations. This was a unique transaction for all parties due to the structure used to issue the Shari’a asset backed certificates. However we felt that Ogier provided us with solid technical advice throughout the process whilst also remaining commercial. We at Invescap are extremely grateful to Ogier for their part in what we hope is the first of many of these types of transactions."
Dan Richards said “We were delighted to win this mandate from Invescap Holdings Limited. This has been an innovative matter involving the first use of this new type of Jersey investment vehicle which provides an attractive combination to investors of the flexibility of a limited partnership with the status of a body corporate. We are very pleased to have been the lead advisers in Jersey for Invescap in this matter.”