53 minutes ago - Updated
The Strand Shopping Centre features approximately 14,700 square feet of premium retail space in Grand Cayman
Sagicor Real Estate X Fund Limited (X Fund) has announced the acquisition of a block of units at The Strand Shopping Centre, a prime commercial complex located by Seven Mile Beach in Grand Cayman, for US$10 million.
The Strand Shopping Centre, situated near luxury hotels such as The Ritz-Carlton Grand Cayman and Westin Grand Cayman, boasts a diverse mix of well-known brands, including restaurants, banking services, and other key retail services which support the local and tourism market.
The purchase, offering an attractive return on investment, includes approximately 14,700 square feet of premium retail space, reinforcing X Fund's goal to strengthen its position as the leading regional real estate investment company.
“This buy is a significant milestone in X Fund’s strategy to diversify its portfolio across strong, buoyant real estate markets,” said Howard Mitchell, Chairman of the Board of X Fund. "This asset will generate immediate cash flow, supporting our commitment to enhancing shareholder value through future dividend payments. It also aligns with our long-term vision for regional growth in real estate investments."
The acquisition complements X Fund's existing portfolio, which includes a The Doubletree by Hilton Hotel at the entrance to Universal Orlando. “Our investment approach focuses on securing assets in economically strong regions with vibrant real estate markets. The Strand Shopping Centre, much like our Orlando property, benefits from the thriving tourism sector, further solidifying its potential for long-term success,” Mitchell added.
In an aim to reinforce its commitment to strategic growth and market leadership, X Fund has shared that they remain vigilant in evaluating and pursuing high-yield real estate investment opportunities across the region.
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