Sygnus Real Estate Finance (SRF) has offloaded two of its investment properties located at 56 and 58 Lady Musgrave Road in St Andrew.

The company confirmed the sale but has neither disclosed the sale price nor the successful buyer.

The prime commercial real estate properties, each measuring 0.6 acres in size, were sold at attractive valuations, reflecting SRF’s strategic focus on maximising returns for its shareholders.

In a news release announcing the sale of the properties, SRF says the proceeds from the sale will support the company’s second investment life cycle. “

We are pleased that we were able to unlock value for shareholders from 56 and 58 Lady Musgrave Road investment properties and generate an attractive rate of return,” explains Jason Morris, executive vice president and chief investment officer at Sygnus Group.

Continuing, he states, “this (sale) is consistent with the strategy outlined at our annual general meeting of completing SRF’s first investment cycle. The successful exits via sale underscore our commitment to unlocking value in real estate and transitioning into the second investment cycle.”

SRF reported a big increase in its net loss for the half-year period ended February 29, which went up by 142 per cent to J$301.87 million coming from J$124.74 million in 2023. At the same time, SRF reported a 38 per cent drop in interest income, which went down to J$88.12 million compared to $142.21 million last year.