UCC Group acquires RE/MAX Elite
The University of the Commonwealth Caribbean (UCC) Group investment subsidiary, Spectrum Capital Partners St Lucia Limited, says it has acquired RE/MAX Elite 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 RE/MAX Elite 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 RE/MAX 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.
RE/MAX Elite joins 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.
Source: Jamaica Observer
September 21, 2021