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Sagicor Real Estate X Fund raises $5.2 billion

Doubletree-hotel2

SAGICOR Real Estate X Fund raised $5.2 billion in its upsized rights issue describing it as the largest offer of its kind to date.

The fund will use the funds to aid it in the purchase of a US hotel close to Universal Studios and Walt Disney World in Orlando, Florida.

“Thanks for making this Jamaica’s largest rights issue,” stated Sagicor X Fund in a statement this week about its oversubscribed rights issue.

The issue, which raised 747 million shares at $6.95, closed on September 2. The upsized issue indicated market support for its first hotel acquisition outside Jamaica on a property that on the surface earns less per room than its existing four hotels, but would represent one of its largest acquisitions.

Published in the Observer
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