Price paid for 50% controlling interest unknown

Eppley Caribbean Property Fund Limited has acquired controlling interest in the prime St. Andrew real estate of Mall Plaza, located in uptown, Jamaica.

Under the sale agreement, Eppley Caribbean has purchased a 50 per cent interest in Mall Plaza and has assumed control of its management and operations. Mall Plaza is a landmark commercial building consisting of over 69,000 square feet and 40 shops on a 2.3 acre parcel of prime land in the bustling Half-Way Tree area.

It remains unknown the price Eppley Caribbean paid for the 50 per cent controlling interest in the Mall Plaza. However, Eppley made the announcement of the purchase today in a regulatory filing with the Jamaica Stock Exchange, where its shares are traded.

In speaking about the acquisition, Justin Nam, general manager of holding company Eppley Limited, was elated at the acquisition.

Nam, who is also Eppley Caribbean Property Fund manager, said: “Mall Plaza is an iconic property in Kingston’s commercial landscape.”

He added: “Mall Plaza has been a feature in the lives of generations of Jamaican shoppers. Its location in the heart of Half-Way Tree, close to critical transportation routes and growing residential developments, makes it difficult to replicate and of enduring value. The building was recently renovated and is in excellent condition.”

Eppley to take Mall Plaza to the next level

Nam said Eppley was privileged to add Mall Plaza to Eppley Caribbean Property Fund’s portfolio of high-quality commercial properties and was “looking forward to working with its partners and tenants to take this important asset to the next level”.

The acquisition follows a number of other significant investments in industrial, retail and office properties throughout the region, which have diversified the portfolio and made it more resilient to changes in the economic landscape.

The net asset value of Eppley Caribbean Property Fund has more than doubled since Eppley assumed management of the fund two and half years ago. The fund is the largest listed real estate mutual fund in the Caribbean and trades on the Jamaica, Barbados and Trinidad and Tobago stock exchanges.

At the completion of this acquisition, Eppley Caribbean Property Fund will own 14 buildings in Jamaica and Barbados comprising over 740,000 square feet.