Barita concludes massive land purchase in St Ann Loop Jamaica

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A section of the property purchased by Barita Investment Limited from National Continental Corporate. Barita boss Paul Simpson (inset) was reportedly instrumental in the inking of the deal.

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Barita Investments Limited has inked a deal with an entity owned by businessman Karl Hendrickson, which has resulted in Barita being the new owner of 101.4 acres of land in St Ann which is part of Windsor Estate.

The land has a major beachfront and is situated in the vicinity of the Marina Bay development.

The land was purchased from National Continental Corporation Limited for approximately US $60M, which is over J$9 billion.

Paul Simpson — founder of the Cornerstone Group that owns Barita — was reportedly integral to inking the deal.

The 39-year-old Simpson, who has fast developed a reputation in local and regional corporate circles as an investment banker and funder raiser extraordinaire, is also the Deputy Chairman of Barita.

Simpson and senior executives at Barita were mum this week when contacted about the entity’s latest land acquisition. However, reports indicate that the land bought from National Continental Corporation Limited will be used for the development of high-end villas, resort homes and luxury residential complexes.

Last year, Barita bought the 250-acre Reggae Beach property in St Mary from business mogul Michael Lee-Chin.

In recent months, Barita also purchased the three-acre Ruins property in St Ann.

The Reggae Beach property is expected to see major developments in the coming months as Barita has entered into a public/private sector arrangement for the construction and rollout of a multipurpose essential services development project.

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