First Jamaica Investments Trust Limited (FJI) is now looking to develop real estate in Jamaica and the rest of the region, including Central America, and has already applied for a US$2million (J$1.7 billion)loan from the International Finance Corporation (IFC).

On Wednesday, the IFC, World Bank's private sector arm, disclosed details of the project, noting that the investment firm was "proposing a corporate loan of US$25 million to FJI to allow the company the flexibility to bid for and develop real estate projects as they materialise".

"Jamaica Property Company Limited (JPC) is currently considering developing a number of residential and commercial real estate projects in Kingston, as well as upgrading of their existing properties," said the project information document.

It added that the Jamaican firm was considering "undertaking real estate development in Jamaica as well as other Caribbean countries and Central America"

Paul Facey, FJI vice president of investments, told Caribbean Business Report in an interview yesterday, that his firm "had not finalised any deals... nothing to share with the public."

But Facey noted that his firm's "focus was to do it ourselves," although the plan did not preclude having a stake in projects led by other companies.

FJI is an investment-holding company with investments in the real estate sector through its wholly-owned property management firm, JPC.

JPC has developed landmark commercial and residential properties in Kingston, some of which it still owns and manages. The firm manages around 750,000 square feet of property space, of which it owns half.

"We own the Manor Park Plaza, half of Scotia Centre on the Waterfront (in downtown Kingston), a good portion of the First Caribbean building (on Knutsford Boulevard in New Kingston and another four buildings outright," added Facey.
FJI is controlled by the Facey family through a 47 per cent stake in Pan-Jamaican Investment which, in turn, owns 73 per cent of FJI. The remaining shares of the company are owned by more than 1,500 shareholders. FJI also owns just under a quarter share of Life of Jamaica, the island's largest life insurer.

Both FJI and Pan Jam are listed on the Jamaica Stock Exchange.

"The corporate loan may include a quasi equity component of up to US$7.5 million," added the IFC.
The IFC has set a board date for June 25, but such projects typically take months to complete.

For instance, last year it took six months for the World Bank entity to approve a US$50-million loan to Trinidadian firm, Guardian Holdings Limited, after a board date that was set in early March.

The loan was provided to the insurance company, which owns Guardian Life and West Indies Alliance here in Jamaica, to support its business expansion in Central American markets.

For the year ending December 31, 2006, First Jamaica made $1.2 billion in pre-tax profit, $321 million of which was from its property management services, and for the first three months of 2007, $48 million of the $303 million in profit before tax was from its property business.

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