Klesch acquires office building in Jersey

The Klesch Family Office (“KFO”) has announced that it has acquired IFC1, a recently completed office building in Jersey, Channel Islands, from the States of Jersey Development Company (“JDC”) for a total consideration of £43.7 million.

The building, IFC1, provides 69,405 square feet of environmentally sustainable Grade A office space in the heart of St Helier and is complete with private car parking beneath the buildings. It is multi-let to six blue chip tenants on long leases. JDC completed work on the building in March 2017, forming a new extension to the central business district in Jersey.

The investment by KFO represents a vote of confidence in the growing Jersey economy, as well as in the British economy post-Brexit.

A. Gary Klesch commented: “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.”