Pulse Investments Limited (PULS) on April 1, 2021, completed the acquisition of the Villa Ronai Estate in Stony Hill from its majority shareholder for JM$600 million.
The company invests in the development of the fashion, entertainment, and lifestyle industries in the Caribbean, as well as real estate and tourism.
In the notice of its acquisition on April 6, 2021, Pulse also advised that it has raised JM$1.21 billion in additional funding — a JM$440-million facility from “a leading Jamaican financial institution” and a JM$771-million note from its majority shareholder, who is executive chairman Kingsley Cooper.
Funds raised covered the cost of the property acquisitions and retired debt.
Prior to this, Pulse controlled the nine-acre Villa Ronai Estate under a 50-year lease. Among the developments on the property are restaurants, residential apartments, guest suites, and what the company describes as function spaces.
The notice of the acquisition said that over the next three years Pulse will create a fitness centre, a wedding centre, and a spa at Villa Ronai.
The company, the notice also revealed, intends to construct 30 two- and three-bedroom homes in the Villa Ronai Valley by 2024.
Villa Ronai was originally developed by the Ronai family who came to Jamaica from Hungary in the 1940s.
Pulse also informed that it is in the process of acquiring property adjacent to Villa Ronai, which will provide additional parking as well as office and storage space for the complex. It will also facilitate alternate access to the valley at Villa Ronai.
The company is currently negotiating additional funding to construct the first phase (15 units) of the 30-unit Pulse Homes development and to retire debt.
Capital Options Limited were financial advisors to the transactions with MH&Co, Attorneys at Law providing legal services.