Eppley Caribbean Property Fund Limited SCC – Value Fund (ECPF) has reached an agreement to acquire a controlling stake in Mall Plaza in Kingston, the company announced on Thursday.
With this addition, the company now owns 14 buildings in Jamaica and Barbados comprising over 740,000 square feet.
Under the agreement, ECPF purchased a 50 per cent interest in Mall Plaza and assumed control of its management and operations.
Mall Plaza is a commercial building consisting of over 69,000 square feet and 40 shops on a 2.3-acre parcel of prime land in Half-Way Tree, Kingston.
Justin Nam, General Manager of Eppley Limited and ECPF’s fund manager commented, “Mall Plaza is an iconic property in Kingston’s commercial landscape.”
The property, he said, has been a feature in the lives of generations of Jamaican shoppers.
“Its location in the heart of Half-WayTree, close to critical transportation routes and growing residential developments makes it difficult to replicate and of enduring value,” he noted.
Nam said that the plaza has was recently renovated and is in “excellent condition.”
“We are privileged to add Mall Plaza to ECPF’s portfolio of high-quality commercial properties and look forward to working with our partners and tenants to take this important asset to the next level,” Nam concluded.
The Mall Plaza acquisition follows several other significant investments in industrial, retail and office properties throughout the region by Eppley Caribbean Property Fund.
The Net Asset Value of the fund has more than doubled since Eppley assumed management two and half years ago, the company said in a press release announcing the acquisition.
