Fast Food Bet: FirstRock to construct new KFC and distribution facility in Costa Rica

 





First Rock, on April 2, 2025 announced that through its wholly owned subsidiary First Rock Latam One SRL, has signed a deal to acquire a parcel of land in Coyol, San Jose for the construction of a new KFC restaurant and a distribution facility, which will then be leased to Intelectiva Costa Rica S.A., the operators of KFC Costa Rica, for a term of twenty years.

First Rock Real Estate Investments Limited for the 12 months ended December 31, 2024, reported a total comprehensive loss attributable to shareholders of US$9.0 million, reflecting a decline of US$6.2 million compared to the previous year.

 Management says that this was primarily attributable to unrealized fair value losses on financial instruments, foreign exchange losses and losses on disposal of investment properties driven by downward movement in property valuations.

They stated, “Despite these short-term financial impacts, the company remains firmly on course with its strategic realignment towards becoming a fully-fledged Real Estate Investment Trust (REIT),”

First Rock sought during the year to optimize its asset portfolio by divesting non-income-generating properties while acquiring income-producing commercial assets across the Caribbean.

Management, noting  a  focus on structured acquisitions, said that the company will see acquisitions of commercial properties with long-term lease arrangements, offering cap rates of 10 per cent or higher in USD currency.

They stated, “This deliberate approach ensures consistent revenue generation and aligns with our commitment to building a robust, yield focused real estate portfolio with jurisdictional diversification.”

 Looking ahead, the Group anticipates that this repositioning will be substantially realized by the third quarter of 2025.

In December 2024, FirstRock Real Estate Investments (FREI), through its subsidiary FirstRock Capital Cayman, acquired a majority stake in the Crown Square Commercial complex and an adjacent commercial tower, for the equivalent of J$1.7 Billion.

Management said in a notice via the Jamaica Stock Exchange on December 20 that the acquisition “marks the single largest transaction for the Company to date and underscores its strategic focus on increasing investments in high-quality, income-producing properties throughout the Caribbean and Latin America.”

The transaction as was largely financed by Cayman National Bank

“It is a significant step in FirstRock’s ongoing efforts to diversify and expand its real estate portfolio in the Cayman Islands and other markets in the Caribbean and Latin America,” management stated.

They outline that the Crown Square Commercial complex, located in the heart of Georgetown, the capital city of the Cayman Islands, continues to see high demand for both retail and office spaces.

Tenants include agencies of Government as well as a communication tower, which is leased to Digicel, telecommunications provider.

The company has two business strategies, Real Estate and Real Sector Investments, which are pursued via its five subsidiaries, one associate and two joint ventures

Subsidiaries are First Rock USA LLC, a limited liability company incorporated in and under the laws of the State of Florida, USA and holds real estate and investment assets; First Rock Capital LATAM, Sociedad Anónima, a corporation incorporated in and under the laws of Costa Rica and holds real estate assets and investment assets.; and First Rock Capital LATAM One, S.R.L, a corporation incorporated in and under the laws of Costa Rica and which holds real estate assets and investment assets.

 

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