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Eppley contemplates cross-listing Caribbean funds

Published:Friday | March 29, 2019 | 12:20 AMSteven Jackson - Business Reporter
Nicholas Scott, Manaing Director of Eppley Limited
Nicholas Scott, Manaing Director of Eppley Limited

Eppley Limited changed the trading name of its Caribbean funds which operates from the Lesser Antilles on Tuesday while it contemplates cross-listing it on the Jamaica Stock Exchange (JSE).

It changed Fortress Caribbean Property Fund Limited SCC Development Fund to Eppley Caribbean Property Fund Limited SCC Development Fund, and its Fortress Caribbean Property Fund Limited SCC Value Fund to Eppley Caribbean Property Fund Limited SCC Value Fund.

“We do continue to expect that the cross-listing will take place by the end of the second quarter,” stated Nicholas Scott, managing director of Eppley, in an emailed response to Financial Gleaner queries.

Eppley plans to list the cellular shares of the Value Fund on the JSE. The Value Fund shares are currently listed on the Barbados Stock Exchange and the Trinidad and Tobago Stock Exchange. The company expects that listing on the local market will increase its trades, liquidity and awareness.

“We look forward to sharing more information about the Value Fund with the Jamaican investment community at the appropriate time,” Scott stated, adding that Eppley initially raised the matter of cross-listing at its annual general meeting in Barbados.

Eppley Caribbean Property Fund operates two funds – the Value Fund, which comprises six operational properties located in Barbados, and the Development Fund, which contains mostly undeveloped lands in Barbados, St Lucia, and St Vincent and the Grenadines.

For the financial year ending September 2018, the Value Fund recorded a loss of US$400,450, while the Development Fund made a loss of US$1 million.

In May 2018, Eppley Fund Managers purchased shares from Fortress Fund Managers and Altman Real Estate and renamed the fund Eppley Caribbean Property Fund Limited.

Eppley Caribbean Property Fund Limited is a closed-end mutual fund that invests in real estate across the Caribbean. The Development Fund is also listed on the Barbados Stock Exchange and the Trinidad & Tobago Stock Exchange. The fund is managed by Eppley Fund Managers Limited, a wholly owned subsidiary of Eppley Limited. Jamaica-based Eppley invests in credit, mezzanine financing and real estate.

Eppley Caribbean Property Fund Limited is contemplating acquiring more properties, valued at up to US$20 million to bolster its return on investment. The fund managers want to diversify the portfolio with assets from other territories and, in the process reduce its exposure to Barbados.

steven.jackson@gleanerjm.com