Lifestyle company completes acquisition of Villa RonaiFriday, April 09, 2021
Pulse Investments Limited recently completed its acquisition of Villa Ronai, a nine-acre estate located in Stony Hill, St Andrew, in a transaction valued at $600 million.
As part of that transaction the company also secured $1.2 billion in new financing.
The funds used for the acquisition were raised from a $440-million facility financed by an unnamed financial institution along with a $771 million note from shareholders. The company indicated that part proceeds of the funding was also used to retire debt including a $250 million bond repaid at the end of last year as well as to re-finance existing debt and settle miscellaneous expenses.
Part funding will also be used in completing a second phase of acquisition for additional property adjacent to Villa Ronai, expected to be finalised this month. This property, the company said, will provide more parking, storage and office space.
Villa Ronai was previously operated by the lifestyle company under a 50-year lease from majority owner and Pulse Chairman Kingsley Cooper. The multimillion-dollar acquisition will now give Pulse full ownership and the ability to accelerate its plans for the property.
“Pulse can now fully align Villa Ronai to its long-term vision for the company as a lifestyle purveyor to an international market. The company can now combine its creative and real estate assets to create a unique environment — one reflective of the best of Jamaica and the wider Caribbean,” Cooper said in response to questions from Caribbean Business Report this week.
“For Pulse, Villa Ronai will be at the centre of its concept of leisure and lifestyle living, and as owner Pulse will be able to develop and sell homes and apartments within the lifestyle community,” Cooper added.
The property, passed down from the Ronai family of Hungary in the 1940s, was restored by Cooper in the 1990s. Over the last 20 years there has been an addition of a lifestyle village comprising restaurants, shops, event spaces and residential apartments.
Pulse, in its quest to further build out the legacy of the 80-year-old property and create more value for shareholders, said it also intends to add new amenities over the next three years. These will include a wedding centre, and a spa and fitness centre.
Through its aggressive growth ambitions, the lifestyle, real estate and entertainment company said it was also fine-tuning plans for the roll-out of its 30 Pulse Homes development. This housing project is expected to be completed by 2024 and aims to attract local and foreign stakeholders interested in owning eco-friendly, low-density, leisure and lifestyle two- and three-bedroom units. Additional funding is currently being negotiated to construct the first 15 of these units.
“Our pipeline plans are now ready to move forward, [although] for some, we must wait until COVID recedes. Our intended additional public offer is also still on the table, but not for 2021,” Cooper said.
Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at https://bit.ly/epaper-login