Updated: UCC pulls back from announcement of REMax deal with Marquis Holding
Published:Friday | October 1, 2021 | 2:53 PM
Spectrum Capital Partners St Lucia Limited, an investment subsidiary of the University of the Commonwealth Caribbean, UCC, has announced the acquisition of Jamaican real estate franchises REMax Elite and REMax Jamaica from Marquis Holding Limited.
In addition to the realty operations, Spectrum Capital said it also acquired three commercial real estate properties in Kingston and Montego Bay, for an undisclosed amount, in the press release sent to media houses on Thursday.
But just hours after the announcement, the parties pulled the release, saying the deal had not yet closed and that no all affected parties had been advised of the pending transaction.
Marquis Holding, based in Kingston, was formed in 2008. Its shareholders are listed as David Dixon, Richard Oliver, Nicola Anya Levy and businessman Faith Downie.
On Friday, the Financial Gleaner contacted Dixon for a comment on the transaction, but was told that “the information was premature” and that the "deal is not yet closed”. UCC Group Founder and Group Executive Chairman Dr Winston Adams also told the Financial Gleaner that he is not able to comment on the matter until midweek.
UCC plans to go public via an initial offering of shares on the Jamaica Stock Exchange. Its financial adviser is Mayberry Investments Limited.
Mayberry CEO Gary Peart said that as financial advisers to UCC, they provided advice on the acquisition of REMax, but as to the status of the private university's pending bid to go public, he said the IPO was "a different engagement and we don't have a comment on that”.
UCC has been diversifying its operations in recent times, ahead of going public. Through Spectrum Capital, it provides alternative financial products, including venture capital, private equity and mezzanine financing to eligible private sector companies locally and overseas.
Updated with comments from financial adviser Mayberry.