The University of the Commonwealth Caribbean (UCC) Group investment subsidiary, Spectrum Capital Partners St Lucia Limited, says it has acquired Remax Elite and Remax Jamaica, as well as three commercial real estate properties in Kingston and Montego Bay, for an undisclosed amount from Marquis Holding Limited.
A news release from the group, which describes the acquisition as “a bold and significant coup” explained that Spectrum Capital provides alternative financial products, including venture capital, private equity, and mezzanine financing to eligible private sector companies locally and overseas.
The company said it plans to take the expanded Remax Elite and Remax Jamaica to market with an initial public offer (IPO) in 2022.
“This idea of Commonwealth building is a novel approach in making the Caribbean a market leader and the University of the Commonwealth Caribbean and its subsidiaries agents of change,” the release quotes UCC Group founder and Executive Chairman Dr Winston Adams.
“We have well-developed plans to open further Remax offices and franchises across Jamaica, as well as [in] four other Caribbean countries, and we have appointed a new, strong, experienced board of directors and property entrepreneurs to run all our Remax operations who are keen to innovate in the real estate market,” he added.
“We have the benefit of a cadre of brokers and advisors such as Mayberry Investments Limited, Jamaica Money Market Brokers Limited, and top players in the real estate, finance, construction, and investments industries as partners. This is the first in a carefully planned buildout years in the making,” Adams said.
Remax Elite and Remax Jamaica join the working portfolio of the UCC Real Estate Investment and Development (UCC REID), the real estate and property arm of the UCC Group, launched in March 2020 to help the group develop and maximise the use of its real estate to accommodate blended teaching methods while supporting graduating students and alumni of the university and Caribbean clients with their residential and commercial property needs.
“This acquisition of Remax Elite and Remax Jamaica is well in line with the expansion plans for the UCC Group to provide a range of services at the highest possible levels to Jamaica and regionally,” the release quotes CEO of UCC REID Richard Kildare.
“Remax Elite/Remax Jamaica have consistently performed at the head of this sector since their launch in 2009 and have remained there, locally and globally, in spite of the impact of the COVID-19 pandemic. They are among the leaders in the Jamaican real estate market in brand awareness and sales performance and enjoy an excellent reputation for exemplary service,” he added.
“Remax Elite and Remax Jamaica, the Jamaican franchises, are a part of Remax International LLC, a truly international brand delivering unmatched levels of services across 87 countries, with over 6,300 independently owned and operated offices by people who know their respective markets, and therefore bring a wealth of worldwide expertise to a local market,” Kildare expanded.
Adams agreed, and noted that “this acquisition is in perfect alignment with UCC REID's mandate to support graduating students and other Jamaican and Caribbean clients with their residential and commercial property needs, including for office space, warehousing, manufacturing, and construction. We intend to blend our strengths to retain and build on the Remax Elite position as a market leader in Jamaica and across the wider Caribbean region”.
Added Adams: “These advances are keeping the group on track, despite COVID, to bring both the university and the Remax entities to the market in two IPOs sometime around the middle of next year. This will be a major step in achieving the group's long-term vision of building a university town — a first for the Caribbean — which will put Jamaica at the centre of educational exports.”