EPPLEY Caribbean Property Fund Limited SCC – Value Fund (ECPF) has acquired a 99,000-square-foot, purpose built facility for a business process outsourcing (BPO) operation off of Molynes Road in St Andrew, Jamaica.

The facility is the new Kingston campus of itel, a Jamaica-headquartered business process outsourcing company, and will house approximately 1,400 BPO seats. ECPF completed the acquisition in an equal partnership with JMMB Fund Managers. The acquisition price was not shared.

Yoni Epstein, founding chairman & CEO of itel, said in the announcement made by Eppley, “Our investment in a new Kingston campus demonstrates the growth of our business and our commitment to Jamaica. This facility’s size, location and amenities are unparalleled in Jamaica and will be a major differentiator for itel.”

Denise Gallimore, vice-president of real estate and infrastructure at Eppley, commented, “This acquisition illustrates ECPF’s ability to complete large commercial real estate transactions in the Caribbean. This investment not only expands ECPF’s regional footprint but gives us an opportunity to participate in Jamaica’s growing BPO industry.”

ECPF is described as the largest listed real estate mutual fund in the Caribbean and trades on the Jamaica, Barbados, and Trinidad and Tobago stock exchanges.

Following this acquisition ECPF owns 17 buildings in Jamaica, Barbados and Trinidad and Tobago comprising over 874,000 square feet. Last year, ECPF’s net profit attributable to shareholders grew 204 per cent to BD$5.7 million, the highest in its history.