Caribbean investment company Eppley Limited has acquired a significant stake in the Eppley Caribbean Property Fund Limited SCC – Value Fund (“ECPF”). 

The company said it purchased shares constituting approximately 18.7 per cent of ECPF’s outstanding shares listed on the Jamaica Stock Exchange and the Barbados Stock Exchange on September 13, 2024, through Eppley Fund Managers Limited (“EFM”), a wholly owned subsidiary of Eppley Limited. 

ECPF is the largest listed real estate mutual fund in the Caribbean, owning 39 properties comprising 1.2 million square feet across Jamaica, Barbados, Trinidad, and St Vincent. 

Eppley already manages and controls ECPF through its subsidiary, EFM, by owning 100 per cent of its common shares. However, following the share purchase, Eppley will now become the largest shareholder of ECPF’s listed shares. 

Raymond Donaldson, CEO of Eppley Limited, commented on the transaction’s consistency with Eppley’s investment philosophy.

“We have consistently communicated to our investors that ECPF provides the ability to own a diversified portfolio of high-quality commercial real estate assets across our region and to earn attractive, reliable income and capital appreciation. Our significant investment in ECPF supports this belief and evidences our willingness to invest significant capital alongside our investors in this transaction and in the future if the opportunity arises and is consistent with our investment strategy,” she said.

Denise Gallimore, VP of Real Estate and Infrastructure at Eppley, remarked, “Eppley is a leader in the Caribbean’s real estate landscape, operating one of the largest commercial portfolios in the region. It is landlord to many of our most prominent businesses, and buyer of choice for large, important properties. This transaction demonstrates our confidence to commit our own capital in support of our real estate investment strategy and franchise.”