Proven REIT, the real estate arm of local entity Proven Investments Limited, has just announced that it has partnered with Infinity Capital Partners Limited (ICP) on its latest joint venture to develop close to an acre of land located directly on the canal at Omega Drive, Grand Cayman.
Infinity Capital Partners (ICP) Limited is a Caymanian private equity company that does direct investments, or co-investments with other strategic partners, and targets industries currently positioned for long- term growth.
Proven said in a release that the development will offer exclusive waterfront living with a mix of two and three-bedroom town homes ranging between 1,300 to 1,600 square feet.
The development located in the fast-growing Grand Harbour locale will consist of 13 town homes with direct access to the North Sound, ideal for boat access to Rum Point, Starfish Point, and Kaibo. The close proximity to Grand Harbour Shopping Center also means convenience for the homeowner.
After signing the partnership agreement, Proven REIT’s CEO Aisha Campbell said: “We are excited to work with ICP on this joint venture and delivering a real estate solution for those looking for beauty and serenity.”
ICP’s principal David Stephens said in his post signing comment said: “This made perfect sense for us. Our market analysis revealed that Cayman needs more reasonably priced townhomes designed and built for couples and/or small families.”
Poven Investments, in its release, said that the joint venture is fully aligned with Proven REITs objective to expand its regional footprint and having ICP as a solid strategic partner means they bring insight and knowledge about the Caymanian real estate market to the table along with Proven REIT’s development experience and expertise.
“The team continues to plan and design this waterfront oasis and anticipates that this partnership will allow them to support the growth of Cayman’s live, work and play housing market. The development is slated to go to market in November of 2020,” the release said.