First Incorporated Limited Partnership Formed In Jersey

by Jason Gorringe, Tax-News.com, London

09 September 2011

Ogier Jersey has acted as advisor in relation to the establishment of the first incorporated limited partnership in Jersey, Invescap (Villette) ILP, which invests in UK commercial real estate.

Along with being the first incorporated limited partnership, the formation was complex as it involved the use of shari’ah asset-backed certificates as part of a shari’ah acceptable structure and funding arrangement.

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’ah asset backed certificates. However we felt that Ogier provided us with solid technical advice throughout the process whilst also remaining commercial.”

Ogier Partner, Dan Richards added: “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.”

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