The Hastings Business Centre is home to global professional services firm KPMG in Barbados. (Photo contributed by Eppley Caribbean Property Fund
Eppley Caribbean Property Fund Limited (ECPF) on Tuesday confirmed its acquisition of the Hastings Business Centre in Barbados.
The three-storey office building, measuring over 20,000 square feet, has for a long time been the head office of global professional services firm KPMG in that country. KPMG will remain a tenant of ECPF after the acquisition.
Speaking about the acquisition, ECPF Chairman Nicholas A Scott remarked, “We’re delighted to add the Hastings Business Centre to our growing portfolio of high-quality commercial properties across the region. This acquisition exemplifies Eppley’s ability to work with sophisticated owners and tenants to originate and complete large transactions across the Caribbean.”
“This acquisition exemplifies Eppley’s ability to work with sophisticated owners and tenants to originate and complete large transactions across the Caribbean.”— Eppley Caribbean Property Fund Chairman Nicholas A Scott
The largest listed real estate mutual fund in the Caribbean, ECPF now owns 11 buildings in Jamaica and Barbados comprising over 500,000 square feet. The fund trades on the Jamaica, Barbados, and Trinidad and Tobago stock exchanges.
In letter to shareholders, following the release of results of financial year 2018/19, Scott revealed that “the building will generate an NOI (net operating income) yield in excess of eight per cent”.
ECPF reported an 18 per cent increase in net rental income to BD$1.8 million for the financial year 2019, which contributed to over 1,000 per cent improvement in net investment income. Furthermore, the fund recorded $2.9 million in share of profits from investments, representing an 89 per cent increase relative to the corresponding period in 2018.