Mar 2022 Financial News

Eppley Caribbean Property Fund Limited - Material Information Disclosure

Mar 16, 2022

EPPLEY CARIBBEAN PROPERTY FUND ACQUIRES JAMAICAN BPO ASSET

Kingston, Jamaica, March 14, 2022 - Pursuant to section 64(1) of the Trinidad and Tobago Securities Act 2012 and Trinidad & Tobago Stock Exchange Limited (“TTSE”) Rule 603 (1), (2) and (3), Eppley Caribbean Property Fund Limited SCC - Value Fund (“ECPF”) wishes to announce that it has acquired a 99,000 square foot, purpose built BPO facility off of Molynes Road in Kingston, Jamaica. The facility is the new Kingston campus of itel and will house approximately 1,400 BPO seats. ECPF completed the acquisition in an equal partnership with JMMB Fund Managers.

Denise Gallimore, Vice President of Real Estate and Infrastructure at Eppley commented, “This acquisition illustrates ECPF’s ability to complete large commercial real estate transactions in the Caribbean. This investment not only expands ECPF’s regional footprint but gives us an opportunity to participate in Jamaica’s growing BPO industry.”

Yoni Epstein, Founding Chairman & CEO of itel added, “Our investment in a new Kingston campus demonstrates the growth of our business and our commitment to Jamaica. This facility’s size, location and amenities are unparalleled in Jamaica and will be a major differentiator for itel.”

ECPF is the largest listed real estate mutual fund in the Caribbean and trades on the Jamaica, Barbados and Trinidad and Tobago stock exchanges. Following this acquisition, ECPF owns 17 buildings in Jamaica, Barbados and Trinidad and Tobago comprising over 874,000 square feet. Last year, ECPF’s net profit attributable to shareholders grew 204% to Bds$5.7 million, the highest in its history. 

The Trinidad and Tobago Stock Exchange Limited
Wednesday 16th March, 2022