Jamaican REIT IPO Flops

Jamaican REIT IPO Flops

Equity

Carlton Savannah, Jamaica’s first REIT raised just JMD400m ($5.6m) in its IPO, falling well short of its proposed target of $17.3m equivalent . The company sold 68m shares at JMD5.91 , plac ing them privately, pending approval for a listing on the Jamaican Stock Exchange. With proceeds, the company will buy only seven apartment units at the Carlton Savannah complex in Trinidad instead of the originally targeted 16. The company expects to pay its shareholders with rent income from the proper

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