Eppley Caribbean Property Fund Limited (CPFV), in a notice on the Jamaica Stock Exchange (JSE) website, that it purchased 17,000 CPFV shares in keeping with its Value Fund Share Buy-back policy.
The company said it purchased the shares during the period March 25–31, 2020, from the open market with cash on its balance sheet.
“The purpose of the acquisition is to unlock shareholder value by purchasing shares at a price that is a significant discount to our book value per share consistent with the strategy previously disclosed in our prospectus and our recently released Annual Report,” CPFV shared.
NCB Capital Markets Limited was the broker and arranger of the transaction.
CPFV had embarked on the repurchase of 300,000 shares which were trading below book value earlier this year. However, the company only managed to secure over 14,000 shares from the market during the period February 4-5, 2020.
The largest listed real estate mutual fund in the Caribbean, CPFV trades on the Jamaica, Barbados and Trinidad and Tobago stock exchanges. The company listed its shares in 2013 with an investment strategy of producing attractive risk-adjusted returns by identifying inefficiencies in Caribbean financial markets.
With one of the largest and highest-quality commercial real estate portfolios in the region, totalling over 500,000 square feet, CPFV owns properties in Barbados including the Cave Shepherd Building, 24 Broad Street, Emerald City Mall, Alamac Warehouse, Sunset Mall, Chattel Village, Carlisle House and Hastings Office Centre.
At the same time, the company owns the Empire Shopping Centre, Angels Industrial Estate and 227 Marcus Garvey Drive in Jamaica.
A total of 64 per cent of the fund’s portfolio is in Barbados and 36 per cent in Jamaica. Categorised by type of business, 30 per cent of the properties are industrial, nine per cent office, and 61 per cent retail.