Proven building second complex in Cayman with partner Infinity
Proven REIT Limited and Infinity Capital Partners are developing a business complex in the Cayman Islands at a cost of US$3.2 million.
It’s Proven’s first commercial project in Cayman from which the company is projecting a “18 per cent return on investment”, said CEO of Proven Management Christopher Williams. Proven Management Limited is the management company for Proven Investments Limited, which in turn owns Proven REIT.
Proven REIT has invested in several commercial and residential spaces locally and regionally, amounting to US$55 million over time. The company currently has more than 109,000 square feet of fully occupied commercial space in Jamaica.
The Cayman Islands complex – on which construction started this month and should end in February 2023 – is located in the heart of the financial hub in Grand Cayman. It will span roughly 8,000 square feet and comprise five units that can be utilised for warehousing and mezzanine offices.
The complex is being constructed by TAG Developments Limited, after which the units will be acquired by both Proven and Infinity, said David Stephens, president at Infinity. Thereafter the “units will be retained for rental purposes”, he said. Infinity Capital Partners is based in the Cayman Islands.
The commercial development was conceptualised some two months ago, according to Stephens. It’s the second project that Proven REIT and Infinity have collaborated on. Last year, both entities announced the collaboration to build 13 residential units on waterfront lands called the Lagoons in Cayman. The project will be completed later this year.
“There are two units remaining,” said Stephens.
He described Cayman as a stable and desirable market for real estate investment, saying there is strong demand for this kind of product.
“As the businesses in Cayman continue to grow, the need for supplementary services such as commercial and warehouse spaces have become increasingly desirable in the real estate arena. This project will not only address this need but represents our entry into the warehouse/commercial sector in the Cayman Islands,” Head of Business Development of Proven REIT Ruth-Ann Lacey said in a statement.