Crestbridge Group, the Jersey-based independent trust, fund and corporate services provider, has acquired Kingfisher Property, a privately-held London-based real estate funds and financing business that currently provides regulatory services to more than 100 UK real estate funds.
The price and other details of the acquisition, which has already received the necessary regulatory approvals from the Financial Conduct Authority, wasn’t given in a statement announcing the deal yesterday.
Crestbridge was founded 20 years ago in Jersey as Dominion Corporate Group, and rebranded as Crestbridge in 2013. It has had a London operation since 2015, where it has provided a range of real estate accounting and reporting services, and also has outposts in the Cayman Islands, Luxembourg, as well as – since its acquisition last year of a Manama-based trust and corporate services provider named Ohad Trust BSC – Bahrain.
The acquisition will enable Crestbridge to offer its clients “an enhanced and comprehensive range of services” in a number of areas, including FCA-authorised fund administration and depositary services, according to Crestbridge managing director Paul Perris, pictured above.
“Kingfisher Property’s services complement our real estate administration platforms in Jersey, London and Luxembourg,” while demonstrating Crestbridge’s “continued commitment to the UK real estate market… a hugely important strategic market to us”.
Kingfisher Property was founded in 2001, and today is comprised of two main businesses: Kingfisher Property Finance, and Kingfisher Property Partnerships & Trustees. It specialises in providing financial advice and administration services to owners and managers of both commercial and residential property. Among its collective investment scheme clients are such brands as Frogmore, Great Portland Estates, Land Securities, Grainger, Brookfield, Tesco Property and Canary Wharf Group.
As an FCA-regulated fund operator, trustee and depositary, it says it provides services to more than 100 UK real estate funds, with total assets under management of around £15bn.
According to its website, it also provides “regulatory services to funds involving ten of the UK’s 20 largest pension funds” and “funds involving seven FTSE 100 companies”.
A full re-branding of the Kingfisher Property business is planned for later in 2018, the companies said in their joint announcement yesterday, by which time the Kingfisher Property management team is expected to have relocated to Crestbridge’s existing London offices, in Mayfair.