Eppley Announces Acquisition of Stake in Eppley Caribbean Property Fund Limited SCC-Value Fund

• Eppley Limited has announced its acquisition of a significant stake in the Eppley Caribbean Property Fund Limited SCC – Value Fund (ECPF). The purchase, which represents approximately 18.7% of ECPF’s outstanding shares, took place on the Jamaica Stock Exchange and the Barbados Stock Exchange on September 13, 2024, through Eppley Fund Managers Limited (EFM), a wholly-owned subsidiary of Eppley Limited.
• ECPF stands as the largest listed real estate mutual fund in the Caribbean, with a portfolio of 39 properties totalling 1.2Mn square feet across Jamaica, Barbados, Trinidad, and St. Vincent.
• Eppley already manages ECPF through its subsidiary, EFM. With this latest acquisition, Eppley will become the largest shareholder of ECPF’s listed shares.
• Raymond Donaldson, CEO of Eppley Limited, emphasised the alignment of this transaction with Eppley’s investment philosophy. He noted that ECPF provides the ability to own a diversified portfolio of high-quality commercial real estate assets across our region and to earn attractive, reliable income and capital appreciation.
• Eppley Limited’s year-to-date profit has declined by 68.5%, mainly due to a bargain gain of $229.12Mn on the purchase of 47.0% of the shares of the ECPF, which led to a one-off increase in earnings in Q2 2023. As of Wednesday’s trading session, its stock price closed at $35.83, and a PE multiple of 26.5x, almost double that of the Main Market Financial Sector Average of 13.6x.

 (Source: JSE and NCBCM Research)