The UCC Group acquired Remax Elite and Remax Jamaica
Spectrum Capital Partners St Lucia Limited, an investment subsidiary of the University of the Commonwealth Caribbean (UCC) Group, has announced the acquisition of Remax Elite and Remax Jamaica, as well as three commercial real estate properties in Kingston and Montego Bay, from Marquis Holding Limited for an undisclosed sum.
- (1888PressRelease) December 08, 2023 - Spectrum Capital provides alternative financial instruments, such as venture capital, private equity, and mezzanine finance, to qualifying private sector enterprises both locally and globally, according to a news statement from the organization, which described the purchase as "a bold and significant coup."
The business stated that it intends to launch the enlarged Remax Elite and Remax Jamaica through an initial public offering (IPO) in 2022.
"This idea of Commonwealth building is a novel approach to making the Caribbean a market leader, and the University of the Commonwealth Caribbean and its subsidiaries agents of change," UCC Group founder and Executive Chairman Dr Winston Adams said in a press statement.
"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 said.
As partners, we have a network of brokers and advisors that includes Mayberry Investments Limited, Jamaica Money Market Brokers Limited, and leading players in the real estate, finance, construction, and investment industries. "This is the first step in a carefully planned buildout that has taken years," Adams explained.
Remax Elite and Remax Jamaica have joined the working portfolio of the UCC Real Estate Investment and Development (UCC REID), the UCC Group's real estate and property arm, which was launched in March 2020 to help the group develop and maximize the use of its real estate to accommodate blended teaching methods while assisting graduating students and alumni of the university, as well as Caribbean clients, with their residential and commercial property needs.
According to the statement, "the acquisition of Remax Elite and Remax Jamaica is well in line with the UCC Group's expansion plans to provide a range of services at the highest possible levels to Jamaica and the region."
"Remax Elite/Remax Jamaica has consistently performed at the top of this sector since their inception in 2009, and they have remained there, locally and globally, despite the impact of the COVID-19 pandemic." They are among the market leaders in brand recognition and sales performance in Jamaica, and they have a fantastic reputation for superb service," he said.
The Jamaican franchises, Remax Elite and Remax Jamaica, are part of Remax International LLC, a truly international brand delivering unrivaled levels of service across 87 countries, with over 6,300 independently owned and operated offices by people who know their respective markets, and thus bring a wealth of worldwide expertise to a local market," Kildare added.
Adams concurred, stating that "this acquisition is perfectly aligned with UCC REID's mandate to support graduating students and other Jamaican and Caribbean clients with their residential and commercial property needs, including office space, warehousing, manufacturing, and construction." We want to combine our skills in order to maintain and expand Remax Elite's position as a market leader in Jamaica and the Caribbean area."
"These advances, keep the group on track to bring both the university and the Remax entities to the market in two IPOs sometime around the middle of next year," Adams added. This will be a significant step toward the group's long-term goal of constructing a university town — a first for the Caribbean — that would place Jamaica at the center of educational exports."
Both firms are global leaders in real estate franchising, real estate brokerage, and relocation and settlement services, and they fully support the concepts and principles of the Fair Housing Act and the Equal Opportunity Act.
Call- (876) 908-3876-7
Mail- info ( @ ) remax-elite dot com dot jm
Visit-https://remax-elite.com.jm/
Address: Suite 60, Winchester Business Centre
15 Hope Road Kingston 10, Jamaica
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