In a strategic push to continue to fulfill its mandate of diversification across the Caribbean, Proven REIT (PREIT) Limited, has joined forces to collaborate with Infinity Capital Partners Ltd (ICP) to acquire a new preconstruction state of the art Warehouse-Commercial facility in the heart of the capital and financial hub of Grand Cayman.
The approximately 8,000 sq ft facility, comprising warehousing and mezzanine office space, is being developed by TAG Developments Ltd, and features modern amenities and finishes, reinforced concrete construction, high elevation, and provisions for solar.
Construction on the five-unit development is slated to begin later this month and completed by February 2023.
JOINT VENTURE WITH INFINITY CAPITAL PARTNERS
The project is expected to cost approximately US$3.2 million and the units will be retained by PROVEN and ICP for rental purposes.
Having recently partnered on a joint venture with ICP on the exclusive waterfront homes called Lagoons, PREIT continues to deliver on providing access to both residential and commercial solutions.
“Cayman is a stable and highly desirable market for real estate investment. There is strong demand for this kind of product, and we are delighted to work with PROVEN REIT on another project,” stated David Stephens, president of ICP.
”As the businesses in Cayman continue to grow, the need for supplementary services such as commercial and warehouse spaces have become increasingly desirable in the real estate arena. This project will not only address this need but represents our entry into the warehouse-commercial sector in the Cayman Islands,” shared Ruth-Ann Lacey, head of business development of PREIT.
109,000 SQ FT OF FULLY OCCUPIED COMMERCIAL SPACE
PREIT has invested in several commercial and residential spaces locally and regionally, amounting to US$55 million.
The company currently has more than 109,000 square feet of fully occupied commercial space in Jamaica.