Eppley acquires new property in St. Vincent and Grenadines

 

In October 2024, the Eppley Caribbean Property Value Fund acquired a 100 per cent interest in a property in St Vincent from International Property Investment Company Limited via its wholly owned subsidiary ECPF Property Holdings (St. Vincent and Grenadines) Limited a company incorporated under the Business Companies Act for the twin island state.

This disclosure was made under the heading ‘subsequent events’ in the company’s annual report for the year ended September 30, 2024, and published on December 30.

Eppley already owns development land in Canouan Land, Canouan, St. Vincent and the Grenadines. Further details on the latest acquisition were not shared.

However, that deal follows, in September 2024, the acquisition of a significant stake in the Eppley Caribbean Property Fund Limited SCC – Value Fund (ECPF).

That share purchases constituted approximately 18.7 per cent of ECPF’s outstanding shares.

This acquisition was conducted on the Jamaica Stock Exchange and the Barbados Stock Exchange on September 13, 2024, by Eppley Fund Managers Limited (EFM), a wholly owned subsidiary of Eppley Limited.

ECPF is described as the largest listed real estate mutual fund in the Caribbean, owning 39 properties comprising 1.2 million square feet across Jamaica, Barbados, Trinidad and St. Vincent.

Eppley already manages and controls ECPF through its subsidiary, EFM, by owning 100 per cent of its common shares. However, following the share purchases, Eppley also became the largest shareholder of ECPF’s listed shares.

Eppley Caribbean Property Fund Limited recorded comprehensive income of Bd$13.75 million for the year ended September 30, 2024. Comprehensive income for the similar period ended September 2023 was Bd$17.48 million.

The variance in the year-over-year performance was driven by non-cash, fair value increases in 2023 that were not repeated in 2024, management outlined.

Net Operating Income (NOI) attributable to shareholders, a measure of the Fund’s share of rental income less its operating expenses, for the year ended September 30, 2024, was Bd$10.34 million, up 69 per cent from the Bd$6.11 million recorded for the similar period in FY2023.

The increase was driven by contractual rent increases, increased occupancy and the incorporation of the lease income from the acquisition of the JN Bank commercial real estate portfolio.

 Photo credit: Kati Cerami, photography of St. Vincent and the Grenadines.

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