KINGSTON, Jamaica--(BUSINESS WIRE)--Aug. 06, 2008
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.
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.
CONTACT: Prime Asset Management Limited
Rezworth Burchenson, +1 876-997-4581
rburchenson@primepensions.com
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.
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.
CONTACT: Prime Asset Management Limited
Rezworth Burchenson, +1 876-997-4581
rburchenson@primepensions.com