Industry News
First Rock Capital Invests US$3m in Luxury Residential Development in Cayman Islands
28 August 2019
Jamaican real estate and private equity firm First Rock Capital executed a US$3m deal in the Cayman Islands for a luxury residential development in the West Bay area.
(Jamaica Observer) First Rock Capital Holdings is admitting that it has deployed almost all of the $2.5 billion raised from a private placement earlier this year and will shortly be in need of more cash for investment purposes.
The start-up Jamaican real estate and private equity company with regional subsidiaries will fully use up all its remaining investment funds in the next few weeks, as it wraps up two more overseas acquisitions in Costa Rica and Guyana.
This is coming close to First Rock’s recent execution of two deals in the Cayman Islands and Florida worth US$4 million ($520 million).
The company, through its subsidiary First Rock Capital Cayman Limited, executed a US$3-million deal in the Cayman Islands for a luxury residential development in the West Bay area and an investment of US$1 million in Florida.
“Truth is we are almost fully deployed in terms of capital, I suspect we should be fully deployed in a couple of weeks, now we certainly will require more capital to exploit more opportunities,” declared Ryan Reid, president and co-founder of First Rock.
Speaking in an interview with the Business Observer, Reid emphasised that First Rock is going back to the local capital market to raise more cash but is not saying when or the means in which the capital would be raised, positing that “this is yet to be determined”.
According to Reid, “the extent to which capital is raised will be informed by our expanding (investment) pipeline.”
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The First Rock president reiterated that the company still intends to list on the main market of the Jamaica Stock Exchange, a promise made when the company successfully made its $2.5 billion private placement.
He said this should be done before the end of the year, as First Rock continues to positively stamp its mark in the real estate and private equity arena islandwide and overseas.
While First Rock has increased its overseas acquisitions, Reid said the company will remain bullish in its investments in Jamaica, which is filled with investment prospects.
“Jamaica is home, we are extremely optimistic and we are extremely confident on Jamaica at this time and what I would say is that the majority of our capital deployment will be in Jamaica.”
First Rock has raised its profile in such a short period having made some big investments in real estate and private equity ventures locally and in the region.
It has also managed to prove its credibility and integrity among its partners and shareholders.
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