Wednesday, April 17, 2024

Cash bind


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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.


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