FirstRock Real Estate Investments Completes Major Acquisition for J$1.7Bn

• FirstRock Real Estate Investments, through its subsidiary FirstRock Capital Cayman, has successfully acquired a majority stake in the renowned Crown Square Commercial Complex, along with an adjacent commercial tower, for a total equivalent of J$1.7Bn.
• This acquisition represents the company’s largest transaction to date, highlighting its strategic commitment to expanding investments in premium, income-generating properties across the Caribbean and Latin America.
• The Crown Square Commercial Complex, situated in the heart of Georgetown, the capital city of the Cayman Islands, continues to experience strong demand for retail and office spaces. This acquisition features prime tenants, including government agencies and a communication tower fully leased to Digicel – a leading telecommunications provider in the region.
• The transaction, primarily financed by Cayman National Bank, represents a major milestone as FirstRock continues its efforts to diversify and expand its real estate portfolio across the Cayman Islands and other Caribbean and Latin American markets.
• This transaction marks FirstRock’s second investment in the Cayman Islands, following its 2021 acquisition of five residential condominiums, which were later divested at a profit.
• FirstRock’s stock price closed at $9.89, up 28.8% since the start of the calendar year despite booking a net loss of $229.72Mn for 9M 2024.

(Sources: JSE & NCBCM Research)