First Rock Capital Holdings completes Costa Rica acquisitions

Wednesday, October 09, 2019

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First Rock Capital Holdings has expanded into Costa Rica, making two real estate investments.The acquisitions follow recent purchases in Florida and the Cayman Islands.

Jordan Chin, chief legal and compliance officer at First Rock, disclosed via a news release that the first is a residential development called Torres de Heredia being undertaken by Grupo Inmobiliario del Parque (GIP), and the second, a commercial warehouse/ office development called Ultima Park Two by Desarollos HBQ.

First Rock Capital LATAM, the Costa Rican subsidiary, acquired five units in Torres de Heredia and two units in Ultima Park Two, and “quite importantly, has been noted as the beneficial owner in the Costa Rican National Registry”, according to the release.

The transfers were finalised after a full due-diligence report was conducted which showed the properties being free of any liens, fees and taxes, the release said.

“Torres de Heredia is a heavily sought after development that sits in the middle of a 6km industrial free zone stretch, and has direct access to the national convention centre. The Ultima Park Two units are currently under longterm rental contracts with San Jose's premier event planning and execution organisation, Elegante Frenesí and with World Wide Tailored SA, an international tailor company,” the release said.

Spearheading the transactions alongside Chin was Shaun Myers, manager of finance and analysis at First Rock.

“We made our introduction into Costa Rica by way of a conference hosted by Latin Finance earlier this year in San Jose. From there, we built some relationships and gained a good understanding of the political and economic landscape. Our analysis indicated that this was a jurisdiction in which First Rock could be successful.

We have forged a solid partnership with Ernst and Young Law (EY Law), who has not only spearheaded our due diligence, but has introduced us to their extensive network of real estate developers and other professionals,” Myers said.

President and Co-founder Ryan Reid stated, “the team worked hard on the these transactions and we want to also thank our LATAM due diligence partners, EY Law. Multijurisdiction capital deployment is critical to our risk-mitigation strategy”.

He said the transactions were in excess of US$2 million. Andrea Ramos of EY Law said, “These transactions mark the beginning of First Rocks' successful venture in the Costa Rican market; we are very pleased to be able to contribute to their success and their continued growth in the region.”

Reid also revealed that there are several other exciting, expansive plans afoot for the company.


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