FirstRock makes $1.6 billion property acquisition in Cayman

FirstRock Real Estate Investments, through its subsidiary FirstRock Capital Cayman, has successfully acquired a majority stake in a Cayman Islands property, Crown Square Commercial complex and an adjacent commercial tower, for the equivalent of $1.6 billion.

This acquisition marks the single largest acquisition for the company to date and underscores its strategic focus on increasing investments in high-quality, income-producing properties throughout the Caribbean and Latin America.

The transaction was financed by Cayman National Bank Ltd. (CNB), reflecting their ongoing commitment to fostering growth in the Cayman Islands' commercial sector.

“We are delighted to have successfully financed this landmark transaction, a pivotal step in driving growth and value for our client, FirstRock Capital Cayman Ltd,” said Catherine Bryan, Vice President of Commercial Banking at CNB. “Being part of the Republic Financial Holdings Limited Group, we are well-positioned to continue delivering tailored financial solutions throughout the Caribbean and beyond. This partnership underscores our dedication to deepen and expand relationships with our retail and commercial customers.”

Alistair Wade, senior associate, Collas Crill; Bobby Bodden, co-principal, Crown Square Limited; Shaun Myers, Director, First Rock Capital Cayman Limited; Scott Jones, attorney-at-law; Supriya Bodden, co-principal, Crown Square Limited.

The Crown Square Commercial complex located in the heart of George Town, the capital city of Grand Cayman, Cayman Islands, continues to see robust demand for both retail and office spaces. The acquisition boasts prime tenants including agencies of Government as well as a communication tower, which is fully leased to Digicel, a leading telecommunications provider in the region.

FirstRock Group executive chairman, Ryan Reid commented “We have been working quietly and diligently on this transaction for roughly 9 months. We signed the agreement a few months ago and have finally closed, having received the requisite licenses. This represents the largest transaction for FirstRock Real Estate Investments to date and aligns squarely with our shift towards further regional diversification outside of Jamaica and primarily assets with stable income generation. The financing structure was executed by the team, led by Shaun Myers. This deal boosts FirstRock Real Estate asset base by $1.6 billion”.

"This acquisition is a significant milestone in our strategy to grow our commercial real estate portfolio and create value for our stakeholders," said Shaun Myers, Senior Vice President of Finance and International Business at FirstRock Group. "The Crown Square complex and the communication tower, will bolster the Group’s rental income, to a net positive of gross of seven figures.”

Crown Square Limited, the previous owners of the Crown Square Commercial Complex expressed their confidence in the future of the property under FirstRock's ownership. "We are pleased to have concluded this transaction with FirstRock, a company that brings a strong track record of successful investments in the region. The Crown Square Complex has long been a prime asset in Georgetown, and we believe FirstRock's continued stewardship will ensure its future success as a vibrant business hub. We look forward to seeing the property continue to thrive under their management."

The transaction marks First Rock’s second purchase into the Cayman Islands, where in 2021, the company acquired five residential condominiums, which were subsequently sold at a profit, further demonstrating FirstRock’s ability to maximise value and generate strong returns. In 2023, First Rock, through its subsidiary First Rock Latam One SRL, also signed a deal to acquire two parcels of land in Allajuela, San Jose for the construction of two new KFC restaurants, which were leased to Intelectiva Costa Rica S.A., the operators of KFC Costa Rica, for a term of 20 years.

The acquisition of Crown Square and the Digicel-leased tower marks a significant enhancement to FirstRock’s portfolio, setting the stage for ongoing growth across the region. With a keen focus on strategic acquisitions, FirstRock Real Estate Investments continues to strengthen its position as a leading force in Caribbean real estate investment.

FirstRock Real Estate Investments, through its subsidiary FirstRock Capital Cayman, has successfully acquired a majority stake in a Cayman Islands property, Crown Square Commercial complex and an adjacent commercial tower, for the equivalent of $1.6 billion.

This acquisition marks the single largest acquisition for the company to date and underscores its strategic focus on increasing investments in high-quality, income-producing properties throughout the Caribbean and Latin America.

The transaction was financed by Cayman National Bank Ltd. (CNB), reflecting their ongoing commitment to fostering growth in the Cayman Islands' commercial sector.

“We are delighted to have successfully financed this landmark transaction, a pivotal step in driving growth and value for our client, FirstRock Capital Cayman Ltd,” said Catherine Bryan, Vice President of Commercial Banking at CNB. “Being part of the Republic Financial Holdings Limited Group, we are well-positioned to continue delivering tailored financial solutions throughout the Caribbean and beyond. This partnership underscores our dedication to deepen and expand relationships with our retail and commercial customers.”

The Crown Square Commercial complex located in the heart of George Town, the capital city of Grand Cayman, Cayman Islands, continues to see robust demand for both retail and office spaces. The acquisition boasts prime tenants including agencies of Government as well as a communication tower, which is fully leased to Digicel, a leading telecommunications provider in the region.

FirstRock Group executive chairman, Ryan Reid commented “We have been working quietly and diligently on this transaction for roughly 9 months. We signed the agreement a few months ago and have finally closed, having received the requisite licenses. This represents the largest transaction for FirstRock Real Estate Investments to date and aligns squarely with our shift towards further regional diversification outside of Jamaica and primarily assets with stable income generation. The financing structure was executed by the team, led by Shaun Myers. This deal boosts FirstRock Real Estate asset base by $1.6 billion”.

"This acquisition is a significant milestone in our strategy to grow our commercial real estate portfolio and create value for our stakeholders," said Shaun Myers, Senior Vice President of Finance and International Business at FirstRock Group. "The Crown Square complex and the communication tower will bolster the Group’s rental income, to a net positive of gross of seven figures.”

Crown Square Limited, the previous owners of the Crown Square Commercial Complex expressed their confidence in the future of the property under FirstRock's ownership. "We are pleased to have concluded this transaction with FirstRock, a company that brings a strong track record of successful investments in the region. The Crown Square Complex has long been a prime asset in Georgetown, and we believe FirstRock's continued stewardship will ensure its future success as a vibrant business hub. We look forward to seeing the property continue to thrive under their management."

The transaction marks First Rock’s second purchase into the Cayman Islands, where in 2021, the company acquired five residential condominiums, which were subsequently sold at a profit, further demonstrating FirstRock’s ability to maximise value and generate strong returns. In 2023, First Rock, through its subsidiary First Rock Latam One SRL, also signed a deal to acquire two parcels of land in Allajuela, San Jose for the construction of two new KFC restaurants, which were leased to Intelectiva Costa Rica S.A., the operators of KFC Costa Rica, for a term of 20 years.

The acquisition of Crown Square and the Digicel-leased tower marks a significant enhancement to FirstRock’s portfolio, setting the stage for ongoing growth across the region. With a keen focus on strategic acquisitions, FirstRock Real Estate Investments continues to strengthen its position as a leading force in Caribbean real estate investment.