First Rock Real Estate Acquires Property

• First Rock Real Estate Investments Limited (FIRSTROCK), through its wholly-owned subsidiary First Rock Capital Cayman Ltd. entered an agreement to acquire a commercial property in George Town, Grand Cayman containing units leased to multiple tenants.
• This forms a part of the company’s strategy to double down on the more lucrative commercial side of the real estate market. Earlier this year, the company noted that most of the projects in its pipeline were commercial.
• Moreover, while the company has numerous commercial projects in the pipeline locally, it continues to be optimistic about various prospects throughout Central America and the Caribbean.
• First Rock Real Estate Investments Limited reported a net loss attributable to shareholders totaling US$779.1Mn (a loss per share (EPS) of US$0.003) for the first half of 2024. Unrealised foreign exchange losses from translating assets denominated in Costa Rican colones and Jamaican dollars, totalling US$203.14Mn for the period were the primary contributors to the company’s performance.

(Source: JSE)