Ogier advises Lloyds Bank on £65 million refinancing of prime office space in Jersey

Ogier has advised Lloyds Bank on a £65 million refinancing deal with investment adviser Seaton Place on its office assets in Jersey (Gaspé House and JTC House).

The firm acted alongside UK counsel Greenberg Traurig to secure the deal which relates to these high value properties in Jersey.

The refinancing replaces a loan agreed five years ago with a US financial institution to acquire the assets for Seaton Place's Silk Road Opportunities Fund.

Ogier's Banking and Finance team prepared a comprehensive corporate security package which was coupled with Jersey property security, prepared and advised on by Ogier's Local Legal Services team.

Gaspé House, which spans 165,000 sq ft over six storeys, was acquired for an undisclosed amount in 2018. Its tenants include Royal Bank of Canada and accountancy firm Deloitte. Seven-storey JTC House, which covers 72,000 sq ft, was bought for £41 million in 2019 and its tenants include wealth advisory firm JTC Group as well as other financial services firms.

The Ogier team working on the refinancing deal was led by partners Katrina Edge and Jonathan Hughes, assisted by managing associate Jennifer Cox and senior associates Laura Shirreffs and Lydia Gilmour.

Jonathan Hughes, Executive Partner, Client Solutions at Ogier, said: "We are delighted to have worked with Greenberg Traurig to advise Lloyds Bank on this refinancing of two high value commercial properties in the heart of St Helier. This deal demonstrates the ability of Ogier's teams to work collaboratively, applying expertise appropriately to find the best solution for the client."