05 August 2019

Carey Olsen advises on £47.6 million sale of IFC 5 in Jersey

A cross-practice team from Carey Olsen has acted as lead counsel for The States of Jersey Development Company Limited (JDC) in the successful sale of IFC 5 for a total consideration of £47.6 million.

Providing in excess of 69,000 square feet of Super-Prime Grade A office space over six floors, IFC 5 is the second building constructed and sold in Jersey's flagship International Finance Centre (IFC) in the heart of St Helier's central business district, and follows the sale of IFC 1 in November 2018.  IFC 5 has been sold to a local Jersey resident and property investor.

Lee Henry, JDC's managing director said: "IFC 5 generated significant interest from potential purchasers as a result of the quality of covenants of occupiers, the lease term and the superior quality of the building in terms of design, flexibility and specification. JDC will continue to deliver a flagship office district that is providing the highest quality office buildings in Jersey. We're pleased the IFC is raising the standards of St Helier's office quality and obviously delighted with IFC 5's successful sale which shows continued confidence in the local market."

Carey Olsen, which has now acted on the sale of both IFC 1 and IFC 5, has been lead counsel to JDC throughout the entire IFC development project, also advising the company on initial site acquisition, structuring and financing, the construction and development phase, pre-letting and letting to the occupational tenants.  The Carey Olsen cross-practice team for the IFC 5 sale was led by partner Alex Ohlsson with support from senior associates David Taylor, Will Whitehead and Rebecca McQuillan, associate Stephen Le Cornu and conveyancer Eleanor Witterick.

Alex said: "IFC 1 and IFC 5 are setting new standards in terms of commercial office space in Jersey and we are delighted to have been involved in yet another successful sale, which also emphasises the attractiveness of buildings of this quality and tenant mix to the real estate investment market."