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Mall Plaza sits on 2.5 acres of prime property in Half-Way-Tree, a central business district in the Kingston Metropolitan Area in Jamaica (Photo contributed)

Eppley Caribbean Property acquires controlling stake in Mall Plaza

Mall Plaza sits on 2.5 acres of prime property in Half-Way-Tree, a central business district in the Kingston Metropolitan Area in Jamaica (Photo contributed)

Eppley Caribbean Property Fund Limited SCC — Value Fund (ECPF) has announced that it has reached an agreement to acquire a controlling stake in Mall Plaza in Kingston, Jamaica. 

“Mall Plaza is an iconic property in Kingston’s commercial landscape”

— Justin Nam, general manager, Eppley Caribbean Property Fund Limited

Based on the agreement, ECPF purchased a 50 per cent interest in the shopping centre and assumed control of its management and operations. 

However, the managers of ECPF did not indicate a closing date for the deal, neither did the consideration paid.

Adding value to the fund

A 2.3-acre parcel of prime land in Half-Way-Tree, part of the Kingston Metropolitan Arean in Jamaica, Mall Plaza is a landmark commercial building consisting of over 69,000 square feet and 40 shops.

“Mall Plaza is an iconic property in Kingston’s commercial landscape. Mall Plaza has been a feature in the lives of generations of Jamaican shoppers,” according to Justin Nam, general manager of Eppley Limited and ECPF’s fund manager.

“Its location in the heart of Half-Way-Tree, close to critical transportation routes and growing residential developments, makes it difficult to replicate and of enduring value,” he added.

Justin Nam, general manager, Eppley Caribbean Property Fund Limited (Photo: Jaamaica Observer)

Upon completion of this acquisition, ECPF will own 14 buildings in Jamaica and Barbados comprising over 740,000 square feet, according to a release.

The acquisition of Mall Plaza follows a number of other investments in industrial, retail and office properties throughout the region by the development fund.

Hastings Office Centre, another property owned by Eppley Caribbean Property Limited, in St Michaels, Barbados. (File photo)

Nam also pointed out that the shopping centre has undergone renovation and “is in excellent condition”.

“We are privileged to add Mall Plaza to ECPF’s portfolio of high-quality commercial properties and look forward to working with our partners and tenants to take this important asset to the next level,” he continued.

Growth process

Since Eppley assumed management of the fund two and a half years ago, the Net Asset Value of ECPF has more than doubled, the company stated. 

ECPF describes itself as the largest listed real estate mutual fund in the Caribbean and trades on the Jamaica, Barbados and Trinidad and Tobago stock exchanges.