Wednesday, April 17, 2024

Cash bind

Date:

Share post:

One of Barbados’ leading property companies has entered 2018 with a multimillion-dollar dilemma.

Fortress Caribbean Property Fund Limited has more than $13.5 million in “excess cash” on the bank earning virtually no interest.

But the company, which became more liquid after selling stakes in the former BET Building and Carter’s properties last year, has found worthwhile investment opportunities hard to find. This is happening at a time when mortgage rates are attractive.

Chairman Sir Geoffrey Cave and investment advisors Terry Hanton and Sir Paul Altman said efforts were on to resolve the issue since having so much money to invest, at a time they owned fewer properties, was a drag on the company’s earning potential.

Fortress has a $42.4 million Value Fund, which manages a portfolio of established properties, and a $22 million Development Fund with a portfolio of “development” real estate here and in the Caribbean. (SC)

Please read the full story in today’s Daily Nation, or in the eNATION edition.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Persistent DLP issues a concern, say political scientists

If the Democratic Labour Party (DLP) is to be a viable alternative to the ruling Barbados Labour Party...

‘Grand’ plans routed

Vendors and some residents along Station Hill and Bank Hall, St Michael are not jumping for joy that...

Public schools reopen next week

Public schools will reopen next week for the final school term of the academic year 2023-2024. Term III, also...

Met Office monitoring dust haze

The Barbados Meteorological Services (BMS) is closely monitoring a large plume of dust haze in the eastern Atlantic today. The...