Caribbean Property Fund Limited SCC – Value Fund (ECPF) announced today (September 9) that it is acquiring two industrial properties in Kingston, Jamaica.
The properties are located at 105-107 Marcus Garvey Drive and 693 Spanish Town Road.
ECPF has completed the acquisition of 105-107 Marcus Garvey Drive, a 3.4 acre parcel of land located in New Port West containing two buildings, including a cold storage facility, totalling over 86,000 square feet.
ECPF’s acquisition was structured to have the effect of purchasing the property using 15,447,465 newly issued shares as consideration at price equivalent to its NAV per share. The property is fully tenanted.
ECPF, Norbrook Equity Partners and its partners have also jointly reached an agreement to acquire 693 Spanish Town Road, a three acre parcel of land with more than 75,000 square feet of warehouse space.
The partners have identified tenants to occupy the building and expect this acquisition to be completed in the fourth quarter.
Chairman of ECPF, Nicholas A. Scott commented, “We’re delighted to continue to increase our investment in Jamaica and more specifically industrial assets, in Jamaica.
“These properties are part of Jamaica’s manufacturing and distribution supply chain, are difficult to replicate and are in strategic locations. Furthermore, their operating performance is resilient across market environments.”
At the completion of these acquisitions, ECPF will own 13 buildings in Jamaica and Barbados comprising over 670,000 square feet.
ECPF is a listed real estate mutual fund in the Caribbean. The company trades on the Jamaica, Barbados and Trinidad and Tobago stock exchanges.