Proven Properties ventures into Barbados with US$6.5 million deal
In a significant move to expand its regional presence, PROVEN Properties has entered into strategic joint venture partnership with Caribbean Consultants Limited, one of Barbados’ leading commercial real estate developers.
This partnership includes the acquisition of 50 per cent of the shares in the company that owns One Barbados Place, a premier Class A commercial office building in the bustling commercial hub of Warrens, St. Michael, Barbados, with the other 50 per cent being owned by CCL.
One Barbados Place is a five-storey, 48,000 square-foot commercial office building situated on a 1.15-acre lot. The building, which boasts solar power generation capabilities on both the building and carport roofs, is fully tenanted by notable occupants such as Republic Bank (Barbados) on the ground floor and the Government of Barbados (Ministry of Tourism and Barbados Tourism Marketing Inc.) on the upper floors. These tenants will remain post-acquisition, ensuring stability and continuity.
The joint venture entails a total investment of US$ 6.5 million, financed through US$4.5 million in debt from Republic Bank Barbados Ltd.
Proven said the strategic move allows PROVEN Properties to diversify its portfolio while adding value and generating the target returns for investors. It said Barbados has been chosen for its robust economic potential and the solid partnership with Caribbean Consultants Limited, ensuring a reliable and profitable investment.
“Our joint venture partnership with Caribbean Consultants Limited marks a significant milestone for PROVEN Properties. The acquisition of 50 per cent of the shares in One Barbados Place, with tenants such as Republic Bank and the Government of Barbados, reflects our confidence in the economic potential of this vibrant nation. This partnership diversifies our portfolio, aligns with our strategic goals, and promises solid returns for our investors. We are proud to collaborate with a reputable partner like Caribbean Consultants Limited and look forward to the value this deal will bring to our stakeholders,” said Aisha Campbell, CEO of PROVEN Properties.
James Edgehill, Director of Caribbean Consultants Limited, shared his enthusiasm about the partnership.
“We at Caribbean Consultants Limited are delighted to welcome PROVEN Properties’ investment into the commercial real estate market in Barbados. This collaboration is a testament to the strength and potential of Barbados as a thriving commercial hub. We are excited about the opportunities this partnership will unlock and look forward to exploring future ventures that will continue to drive growth and innovation in the Barbadian real estate sector.”
