Business
JM | Jul 9, 2021

Ground broken for US$8m IMCA Jamaica head office being financed by Sygnus

/ Our Today

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32,500 square foot facility will be constructed over a 12-month period

Ground was broken today for the US$8-million head office of IMCA Jamaica (Caterpillar), located on Spanish Town Road along Kingston’s industrial belt.

The property, located at 443-445 Spanish Town Road will become the new home for the sale and servicing of one of the world’s most recognised construction equipment brands, Caterpillar. IMCA Jamaica is the sole authorised dealer in Jamaica for Caterpillar.

The development is being arranged and financed by Sygnus Real Estate Finance Limited (SRF), a specialty real estate investment company within the Sygnus Group, whose primary objective is to bring flexible financing to facilitate the development and financing of real estate assets across the Caribbean.

The facility will be constructed over a 12-month period, at the carefully selected 2.85 acre property located along Jamaica’s main industrial corridor, with ideal close proximity to the port of Kingston, as well as easy connectivity to the main highways (East-West, as well as the North-South).

Project has been in the making from 2019

In 2019, IMCA Jamaica and SRF commenced discussions to establish a project under which SRF would identify and acquire a suitable property for a new facility for IMCA. Having completed the purchase, SRF had the responsibility to design, build-to-suit and deliver the 32,500 square foot facility, which will host the IMCA Jamaica corporate headquarters, an equipment exhibition patio (outdoor sales showroom), spare parts sales office and parts storage warehouse as well as, equipment servicing and repair workshop.

The location will also include loading and equipment wash bays, staff and customer parking and a lubricant tank farm.

David Cummings, vice president and head of real estate and project finance at Sygnus.

Speaking at the groundbreaking ceremony this morning, David Cummings, vice president and head of real estate and project finance at Sygnus, explained that, “SRF is proud to bring this unique project to fruition, which demonstrates how we were able to bring flexible capital to the table with IMCA, and design a total technical and financial solution that allows us to unlock the true value of this property and to create a world class facility for them.”

He added that, “at SRF, we have always taken a partnership-based approach to our real estate projects that allows us to be creative with flexible capital to ensure our partners succeed”. The SRF approach has always been centred on their mandate to unlock the value of real estate across the region and focuses on providing capital along the value-added spectrum of the real estate asset value chain.

This strategy allows the company to be more creative in combining capital with the underlying value of real estate.

Jose Sasso, IMCA country director, who was also on location at the ground-breaking ceremony, shared his satisfaction with the partnership.

“I would like to express a big thank you to Sygnus. We are very pleased to work with them on this project and acknowledge their commitment in building this facility and making it a success,” Sasso said.

PM praises Sygnus and IMCA partnership

Prime Minister Andrew Holness, who delivered the keynote address, urged more companies to develop idle properties located along the industrial belt. During his address, Holness stressed that Jamaica needs to continue its quest for sustainable growth through more partnerships.

The prime minister commented that, “this particular partnership involved an entity headquartered in the Dominican Republic [IMCA], reaching out to Sygnus Real Estate Finance to craft a total solution for them. This then prompted Sygnus to partner with realtors to identify and acquire this property, then form a partnership of professionals you heard outlined in the project brief earlier, then on board came JAMPRO to help facilitate the regulatory approvals.”

Andrew Holness, prime minister of Jamaica.

According to Holness, “one thing is clear, that global supply chains have been stressed, and the need for more near shore investment in industrial facilities is evident. So, with IMCA making the decision to invest in Jamaica on such a scale, it augurs well not just for them and the Caterpillar brand, but also for the various sectors of our economy that they support”.

The project team responsible for the IMCA Jamaica HQ design comprised of developer – Sygnus Capital; financier – Sygnus Real Estate Finance; client – IMCA Jamaica Limited (Caterpillar); architect – Harold Morrison & Robert Woodstock Associates; structural/civil engineers – Peter Jervis and Associates; quantity surveyors – CPM Consultants; MEP Engineers – HTG Consultants; project manager – IBEC; legal counsel – Levy Cheeks; contractor – Relmac Construction Ltd; Realtor (land purchase);  ReMax Elite and ICGA & Co. IMCA Jamaica as construction supervisor.

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