26 November 2018
Carey Olsen advises on £43.7 million sale of IFC 1
Carey Olsen has acted as lead counsel for The States of Jersey Development Company (JDC) in the successful sale of IFC 1 to Klesch Family Office for a total consideration of £43.7 million.
A Super-Prime Grade A building, IFC 1 is the first building constructed in Jersey's flagship International Finance Centre in the heart of St Helier's central business district. It was completed in March 2017 and consists of 69,405 square feet of contemporary open plan office space, spanning six floors and with a BREEAM sustainability assessment rating of 'Excellent'.
JDC’s Managing Director, Lee Henry, said: “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.”
The Carey Olsen cross-practice team was led by partner Alex Ohlsson with support from senior associates David Taylor and Will Whitehead, and associate Rebecca McQuillan. Carey Olsen has acted as lead counsel to JDC on the IFC development project from initial site acquisition, structuring and financing, the construction and development phase, pre-letting and letting to the occupational tenants as well as the sale of the building.
Carey Olsen partner Alex Ohlsson said: "We are very pleased to have been involved in this landmark real estate transaction. The successful sale of IFC 1 is another vote of confidence in Jersey's thriving investment market."