Gibtelecom sells The Haven to J. Safra Group

Gibtelecom said on Wednesday it was selling The Haven building in John Mackintosh Square to the J. Safra Group.

The building, which previously housed the Gibraltar Government’s Treasury and related public sector offices, was purchased by Gibtelecom in 2014 for £5.8m.

The price of the sale was not disclosed.

The building is being bought by J. Safra Group’s Bank, J. Safra Sarasin (Gibraltar) Ltd, which has operated here since 2001 offering private banking services.

“Everyone in Gibraltar and indeed our group are fully aware of the history of this building as well as its prominent position in Gibraltar’s townscape,” said Marvin Cartwright, the chief executive officer of Bank J. Safra Sarasin (Gibraltar) Ltd.

“We have had a footprint in Gibraltar for over 20 years and have grown our private banking presence significantly during this period.”

“This acquisition reflects our confidence in Gibraltar as a jurisdiction for the long-term.”

The Haven was acquired in 2014 to support the expansion of Gibtelecom, but the fast pace of technological change in the telecommunications sector means it is no longer needed.

“Technology has evolved and developed considerably in recent years, allowing for more services and features to be delivered with equipment that takes up a much smaller space,” said Noel Burrows, Gibtelecom’s chief executive officer.

“Additionally, Gibtelecom now operates with a lean and modern workforce, with hybrid and flexible working very much adopted as the new norm.”

“Effectively, we are providing more services, more efficiently. All of which means we no longer need the space offered by the Haven.”

With the sale of the Haven, Gibtelecom will also move from the top floor of the City Hall.

This is where the main System X fixed line telephone exchange was located until it was decommissioned earlier this year by Sir Joe Bossano, some 32 years after he originally inaugurated the exchange.

This move will allow for the building’s integrity and heritage to be fully restored.

Gibtelecom will also be removing the bridge that currently connects with The Haven building.