The Massy Group wants to dispose of one of its iconic pieces of real estate in Barbados, the Massy Dome in Warrens, and it is asking $40 million for the property.
In the company’s 2022 annual report, the Trinidad and Tobago-headquartered Caribbean conglomerate said as part of its strategy going forward, it was relieving itself of underperforming assets and non-core operations.
Chairman of Massy Robert Bermudez said in recently published consolidated financials, most of the underperformers had been relinquished, paving the way for the group to pursue new opportunities through acquisitions.
With the aggressive divestment process well in train, Bermudez explained all that remained of the underperformers to be disposed of were some “non-core real estate assets in Barbados” as the group reduced its debt to equity to 25 per cent.
As a result, the company said it had US$176 million to help fund new investments and acquisitions.
The Massy Dome, which contains an almost fully tenanted mall and the main branch of CIBC FirstCaribbean International Bank, sits on 5.5 acres of land in the quickly expanding Warrens commercial district. The building is 94 000 square feet.
Massy acquired this and other substantial real estate in Barbados in 2008 when it successfully beat out Trinidad corporate rival ANSA McAL for control of Barbados Shipping & Trading, the country’s most powerful private sector firm at that time. (IMC1)
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