First Finance Block Sold

Monday, 26 November 2018 07:16

The first office block on Jersey's International Finance Centre has been sold for £43.7 million.

IFC1 has been bought by commodities group Klesch Family Office.

The 69,405 sq. ft building was completed in March 2017 and fully let this year.

Jersey Development Company says it has made a profit of £10.9 million, which it says exceeds its original projection of £7.5m.

MD Lee Henry says there was 'significant interest' from potential purchasers and that the States-owned company is delighted with the sale.

“JDC is delivering a flagship office district that provides the highest quality office buildings in Jersey, the IFC is raising the standards of office quality, specification and performance. There was significant interest from potential purchasers as a result of the quality of covenants of occupiers, the level of
unexpired lease term and the quality of the building in terms of design, flexibility and specification. We are delighted with the successful sale and the continued confidence in the market generally both in terms of occupier commitment and end investors.”

A statement from Klesch says the investment by KFO 'represents a vote of confidence in the growing Jersey economy, as well as in the British economy post-Brexit'.

"I have long held the view that Britain has been held back by the static model of the European Union. Once Britain has left the EU, I believe that it will be immensely more attractive for businesses and investors alike as it becomes a more dynamic market able to adapt to evolving business needs. This investment underpins my view that we will see explosive growth triggered by Brexit which will increase the demand for high quality office space in Great Britain and Jersey, as businesses hire to capitalise on the Brexit opportunity.” - Gary Klesch