By August 6, 2008 0 Comments Read More →

Cable and Wireless Jamaica Pension Plan restructures assets through sale of properties

KINGSTON, Jamaica – The Trustees of the Cable and Wireless Jamaica Pension Fund, one of Jamaica’s largest pension funds, have placed for sale on the international real estate market four prime Jamaican properties attributable to a strategic portfolio realignment.

Rezworth Burchenson of Prime Asset Management said that, “For the institutional investor or developer, this represents a unique opportunity to acquire some of Jamaica’s most desired real estate in its most sought after locations. We are pleased that the local and international interest has been very high.”

The properties for sale are:

The Towers – This prestigious office complex is located in the New Kingston business district, the primary centre of commerce in Jamaica, and comprises two towers with a total building area of 112,850 sq.ft.

The Towers in New Kingston
(Photo: Business Wire)

Cinema Lands –also located in New Kingston, this property comprises 7.58 acres of the most sought after location as this is the last remaining undeveloped land in Kingston. It is best suited for a first class business hotel or a commercial development.

New Kingston Shopping Centre –located in the New Kingston business district, this mixed use Centre is used for both retail and offices. This property is situated on 2.26 acres with a total building size (including basement) of 175,848 sq.ft.

Fairview Shopping Centre –located in the tourist mecca of Montego Bay, this property is tenanted by many established businesses mainly in the retail sector. The Centre houses four buildings with a total area of 101,000 sq.ft. on 5.96 acres.

Jamaica has seen a major influx of Spanish Hotel chains in the last five years with foreign direct investments from these projects estimated at billions of US dollars. These investments include well known resort chains such as RIU, Fiesta, Iberostar, Bahia Principe (Groupo Pinero) and AM Resorts. Surprisingly, many of the international hotel chains lack a presence in the Jamaican capital and this sale represents perhaps the last opportunity to purchase the remaining undeveloped land in the business district of the capital, Kingston.

The properties have been placed on the market and will be offered to the highest bidders via a sealed bid process that closes on September 12th, 2008.

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