Fund-Technology.com

New data centre fund launched in Guernsey

Posted: 23 May 2008

The UK's largest data centre is being built by a new fund that is domiciled and administered in Guernsey and listed on the Channel Islands Stock Exchange (CISX).

The PFB Data Centre Fund has been set up to focus on the specialist property sector and has entered into a joint venture with a German-based developer e-shelter to build a data centre facility on a 50 acre site at Saunderton, near High Wycombe in Buckinghamshire. The development should rank as the second-largest data centre facility in Europe.

The fund has been established as a Guernsey registered closed ended investment company and is listed on the CISX. It is managed by Pinder Fry & Benjamin in the UK and International Administration Guernsey (IAG) has been appointed as the administrator. The legal advisers are Macfarlanes in the UK and Carey Olsen in Guernsey.

The development has already gained notable publicity through a recent article in the Financial Times.

"This is a prime example of how Guernsey can provide a one-stop shop for funds," said Peter Niven, Chief Executive of GuernseyFinance - the promotional agency for the Island's finance industry.

"The Island has a registered fund regime that provides a fast-track process for regulatory consent, legal and administration capability with experience and expertise of the broadest range of asset classes and also a local stock exchange offering primary and secondary listings in a pragmatic environment. It is this offering which enables Guernsey to continue to punch above its weight as a leading funds jurisdiction."

Alison Simpson, Chief Executive of IAG, who is on the fund's board, said: "We are extremely delighted to have been appointed as administrators to this fund which has gained significant media coverage for investing in what is a specialist but potentially very rewarding market.

The fund has agreed to finance the acquisition and development of the Saunderton site. This is the first investment for the fund and it is in discussions with e-shelter about further opportunities in the UK and on the Continent.

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