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Saffery Champness has advised on a £30m Guernsey Green Fund for True North.
Saffery Champness Fund Services Limited has advised True North Real Estate Partners (TNREP) on the creation and launch of its first fund, focusing on positive environmental impact through re-forestation.
Saffery Champness has also been appointed to provide administrative and accountancy services to the fund through its Guernsey office.
The Forestry Carbon Sequestration Fund is a Guernsey closed-ended Private Investment Fund which, through qualification as a Green Fund, is able to use the Guernsey Green Fund designation.
The Fund must conform to strict guidelines (The Guernsey Green Fund Rules,2018) to achieve this designation and will aim to achieve its investment objective, including reaching a carbon sequestration target of 1.65 million tonnes, through the creation of newly planted UK forestry assets.
This will include the purchase of farmland/forestry land with the intention of forestry planting in line with Forestry Stewardship Council standards for approval by the Forestry Commission.
The Fund successfully launched having achieved reached its £30million equity target.
The Saffery Champness team is led by Ian Powell, supported by experts from across the broader firm’s tax and advisory disciplines including Sean McGinness and Max Floydd within the UK-based Real Estate Practice Group.
Law firm Carey Olsen acted as lead counsel to TNREP.
“Principally it is pleasing to be working with an innovative fund and manager with a distinct aim to mitigate environmental damage," said Mr Powell.
"Green investing is a growing and popular area of the market and one which is creating a lot of interest. With the Guernsey Green Fund, The Guernsey Financial Services Commission has created a platform which provides investors the comfort of knowing that the product conforms to the internationally agreed objective of mitigating environmental damage and climate change.
"Harry Humble and James Jackson of True North bring a wealth of experience in the real estate and rural industries which have been instrumental in successfully launching this fund and the shared focus and ethos of the whole team to create value based on ESG principles is inspiring.”
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