The Channel Islands Property Fund Limited has completed the acquisition of two major office buildings in the Isle of Man.

The specialist property fund, which bought its first Isle of Man property in August 2016, has now added Vicarage House on the business park in Braddan and First Names House in Douglas to its growing portfolio of properties in the Channel Islands and Isle of Man.

The 30,000 sq.ft Vicarage House, which comes with 225 parking spaces, has just been built and has been let to Zurich Financial Services on a 15 year lease. First Names House, which is occupied by First Names Group, measures more than 23,000 sq.ft and has 106 parking spaces.

The acquisitions, which have a combined value of more than £18million, have been made through CIPF Holdings (IOM) Limited, a wholly owned subsidiary of the Channel Islands Property Fund.

’The Channel Islands Property Fund was established to provide a return from the purchase and active management of commercial property in the Channel Islands and has now invested in the Isle of Man, a jurisdiction with many of the same characteristics,’ said Shelagh Mason, chairman of CIPF.

’We’re delighted to have completed the acquisitions of Vicarage House and First Names House. They’re important additions to our rental portfolio of grade A office space, which includes Fort Anne in the Isle of Man as well as Liberation House in Jersey and Regency Court in Guernsey.’

Simon Chandler, head of client coverage, real estate finance at RBS International added: ’The funding for these significant acquisitions demonstrates our continued appetite to support investment in the commercial marketplace across our jurisdictions. We’re proud to have worked with CIPF to allow them to expand their portfolio into the Isle of Man.’

Seamus Nugent, managing director of Dandara, who assisted with the acquisition, said: ’The Isle of Man’s reputation as an innovative international offshore business centre makes it an attractive location for major organisations, who demand high quality Grade A office accommodation. As the Isle of Man’s premier property developers, we are extremely pleased to have provided Zurich Financial Services with their new corporate offices at the Isle of Man Business Park and to have sold the building to Channel Islands Property Fund for their growing blue chip investment portfolio.’

Craig Brown, managing director First Names Group, said: ’We are very pleased to have completed on this transaction with the Channel Islands Property Fund as it not only secures a long-term base in the Isle of Man for our growing business but also frees up capital which we will reinvest to further enhance that growth.’

CIPF is managed by Ravenscroft as investment manager.