The Massy Group, a Caribbean multinational headquartered in Trinidad and Tobago, is looking to dispose of one of its iconic properties in Barbados, the Massy Dome in Warrens, and is asking $40 million for it. According to the company’s 2022 annual report, the Massy Group is divesting itself of underperforming assets and non-core operations as part of its strategy moving forward.
Chairman of Massy, Robert Bermudez, stated that most of the underperforming assets have already been relinquished, paving the way for the group to pursue new opportunities through acquisitions. With the aggressive divestment process well under way, Bermudez explained that all that remains of the underperforming assets to be disposed of are some “non-core real estate assets in Barbados” as the group reduces its debt to equity to 25%. As a result, the company reported having US$176 million to fund new investments and acquisitions.
The Massy Dome is located on 5.5 acres of land in the rapidly expanding Warrens commercial district. The building, which is 94,000 square feet, contains an almost fully tenanted mall and the main branch of CIBC FirstCaribbean International Bank. The Massy Group acquired the property and other substantial real estate in Barbados in 2008 when it successfully beat out Trinidad corporate rival ANSA McAL for control of Barbados Shipping & Trading, the country’s most powerful private sector firm at that time.