Discover how Proven is shaking up the Barbados real estate scene with a $6.5m investment!

A New Venture in Real Estate Development

Proven Properties Limited, a member of the esteemed Proven Group Limited, recently sealed a noteworthy deal by forking out a hefty sum of US$6.5 million for a 50% stake in a company that boasts ownership of the renowned ‘One Barbados Place’. This significant move marks the dawn of a promising collaboration between Proven Properties and Barbados-based Caribbean Consultants Limited (CCL), a prominent real estate developer in the region.

Key Points from the Announcement:

• Aisha Campbell, the CEO of Proven Properties, disclosed that the remainder of the ownership in the holding company, One Warrens Limited, will be evenly split between CCL and Proven Properties Barbados Limited.
• With a strategic foothold in the Caribbean, particularly in Jamaica and the Cayman Islands, Proven Group eyes further expansion and development projects in Barbados.
• Real estate returns in Jamaica and Barbados have shown comparable appreciation rates of approximately 8.0%, with a notable disparity in debt financing costs between the two countries.

The Future of Proven Properties and Proven Group:

• Proven Properties manages an impressive portfolio of 140,000 square feet of commercial space and possesses over 40 acres of prime development land.
• The parent company, Proven Group, already holds majority shares in the renowned Roberts Manufacturing Company in Barbados.
• Plans are underway to explore lucrative opportunities across the commercial, warehousing, and residential sectors in Barbados, leveraging the recent joint venture with CCL.

Moving Forward:

The joint investment of BDS$13 million has been underwritten by a substantial debt financing package from Republic Bank Barbados Limited. The prime location of One Barbados Place in the bustling Warrens commercial hub, coupled with its illustrious tenants including Republic Bank Barbados and key government entities, sets the stage for a promising collaboration between Proven Properties and CCL.

As the ink dries on this multimillion-dollar deal, the real estate realm in Barbados is abuzz with anticipation of what the future holds for these two industry giants. With a keen eye on future ventures and untapped opportunities, Proven Properties and CCL are poised to redefine real estate development in the region, one milestone at a time.