Proven Reit enters Cayman through joint-venture deal
The townhouses will be developed on close to an acre of land directly on the canal at Omega Drive, Grand Cayman.
Proven Reit is investing US$6 million in a joint-venture partnership to develop a low-density housing development in the Cayman Islands.
The real estate arm of Proven Investments Limited is partnering with Caymanian private equity company, Infinity Capital Partners (ICP) to construct 13 townhouses on close to an acre of land directly on the canal at Omega Drive, Grand Cayman.
The development is slated to go to market in November 2020.
Proven REIT said the joint venture is fully aligned with its objective to expand its regional footprint.
“Our parent company PIL also has a presence in this market and when this opportunity was brought to us by our partner ICP we felt that it was the right fit all around,” Proven REIT’s CEO Aisha Campbell told Loop News.
Campbell said the location of the land itself was perfect being right on the canal front, which has allowed the companies to create a lifestyle development that will support the growth of Cayman’s live, work and play housing market.
ICP principal David Stephens and Aisha Campbell, CEO of Proven REIT
ICP Principal, David Stephens said: “This made perfect sense for us. Our market analysis revealed that Cayman needs more reasonably priced townhomes designed and built for couples and/or small families.”
Locally, Proven Reit recently completed and handed over another joint venture development with Matalon Homes in St Andrew. The development, GIAU at 25-27 Millsborough, features luxury two-and-three-storey villas and two-bedroom apartments.
It has also started construction for a 99-unit high-rise complex in New Kingston, called the VIA at Braemar. The complex is being designed as a densely populated set of apartments, mostly super studios and one-bedrooms with few two-bedroom units.
Over in Mandeville, Proven will shortly break ground on a mixed-use real estate development.
Dubbed Bloomfield, the development will feature 79 apartment units and up to 30,000 square feet for a business process outsourcing facility and retailers. There will be another 300 to 1,200 square feet of customizable floor space.