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GK prepares to launch an urban renewal bond

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Group CEO of GraceKennedy Ltd (GK) Don Wehby said Monday that the company is in the preparation phase prior to a possible bond issue for the financing of its new downtown Kingston project.

It is targeting a portion of the amount required to undertake the construction of the new corporate centre in the area.

The new GK headquarters — to be completed at a cost of around US$25 million and slated for completion in 2017 — is being constructed on a 48,000-square-foot plot of land acquired from the Urban Development Corporation (UDC). It is intended for housing of GK business units with space for rental for offices and retail enterprises when completed. The plan is centred on land located in a zone identified as suffering from urban blight.

Published in the Observer
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