Proven Properties Limited, a subsidiary of Proven Group Limited, has invested US$6.5 million to acquire a 50% stake in a company that owns the five-storey building, One Barbados Place. The other half remains with Caribbean Consultants Limited (CCL), a Barbados-based real estate developer, according to Aisha Campbell, CEO of Proven Properties.
The holding company, One Warrens Limited, will now be co-owned by CCL and Proven Properties Barbados Limited, facilitating future real estate projects in Barbados. Campbell highlighted their interest in commercial, warehousing, and residential developments on the island.
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Proven Properties, which has projects in Jamaica and the Cayman Islands, aims to expand its footprint in Barbados. Proven Group already has a presence in Barbados through its majority ownership of Roberts Manufacturing Company.
Real estate returns in Barbados and Jamaica show similar property appreciation rates at around 8%, Campbell noted. However, Barbados offers more favorable debt financing rates, with costs ranging from 3.5% to 4%, compared to double digits in Jamaica.
The US$6.5 million joint venture involves a total investment of BDS$13 million, with BDS$9.1 million financed through debt from Republic Bank Barbados Limited. One Barbados Place, located in the commercial hub of Warrens, St Michael, spans five storeys on a 1.15-acre lot and houses tenants such as Republic Bank, the Government of Barbados, the Ministry of Tourism, and Barbados Tourism Marketing Inc.
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James Edgehill, Director of Caribbean Consultants, expressed optimism about the partnership’s potential to unlock new opportunities. Proven Properties manages 140,000 square feet of commercial space and over 40 acres of prime development land, while the wider Proven Group operates an investment holding firm with total assets of US$1.1 billion.
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