Acquires remaining 50% stake in 693 Spanish Town Road property

Durrant Pate/Contributor

Eppley Caribbean Property Fund (ECPF), based in Barbados has acquired the remaining stake on the Jamaican prime industrial real estate property it acquired a 50 per cent ownership back in 2020.

The property in question at 693 Spanish Town Road, Kingston, is a three-acre industrial site, which forms part of the commercial and industrial zone in Kingston. The property was acquired as part of a joint venture arrangement, which includes Norbrook Equity Partners.

LARGEST LISTED REAL ESTATE MUTUAL FUND IN THE CARIBBEAN

693 Spanish Town Road is comprised of 75,000 square feet of warehouse and office space, which is strategically located near to the Port of Kingston and all major transportation and distribution networks in Jamaica.

Spanish Town Road is a prime commercial and industrial zone in Kingston that houses some of the largest manufacturing and distribution companies in Jamaica. Following this acquisition, ECPF, which is the largest listed real estate mutual fund in the Caribbean now owns 17 buildings in Jamaica, Barbados and Trinidad and Tobago comprising over 874,000 square feet.

Commenting on the acquisition, Eppley’s Vice President of Real Estate and Infrastructure, Denise Gallimore says, “deepening our investment in 693 Spanish Town Road is part of our continued strategy to diversify and expand our portfolio of industrial assets across the region. Our record-breaking performance for the 2022 financial year continues to validate our strategy to further diversify and expand our portfolio of high-quality commercial assets in the region.”

She adds that Eppley, which trades on the Jamaica, Barbados and Trinidad and Tobago stock exchanges, is looking forward to working with our tenants to take this asset to the next level.

As at September 30, 2022, ECPF’s net profit attributable to shareholders grew 65 per cent to BDS$9.5 million, the highest in its history.