Daily Observer (Jamaica)

Sygnus going big in logistics with plans for multi-billion-dollar park

Consulting with several partners such as pension funds to come on board

- BY DURRANT PATE Observer business writer

SYGNUS Group is planning a multi-billion-dollar logistics park in the Corporate Area as the financial services outfit goes big in logistics.

The Jamaica Observer can confirm that the real estate project will be executed through Sygnus Real Estate Finance Limited, which is a specialty real estate investment company within the Sygnus Group. Its primary objective is to bring flexible financing to facilitate the developmen­t and financing of real estate assets across the Caribbean.

Sygnus President and CEO Berisford Grey was guarded in responding to questions about the matter on the basis that the mega project is currently in the planning phase, emphasisin­g that it will be a massive one.

Questioned by the Business Observer about the capital outlay for the project, he responded, “We haven’t sized it as yet but it is likely to be several billions of dollars.” Grey explained that the team is now in the planning phase of the project, which would involve several warehouse spaces.

He sought to explain the size of the project by making reference to the space now being built for the Dominican firm, IMCA Jamaica, at 443-445 Spanish Town Road at a cost of US$8 million (approximat­ely $1.2 billion).

Grey stated that the warehouse space for IMCA, which is the sole local dealer of Caterpilla­r constructi­on equipment, is about 70,000 sq feet, noting that several warehouse spaces like that will be built at the Sygnus’ logistics park.

When pressed further for details on the mega logistics park, the Sygnus Group president and CEO remarked, “We are looking at developing a logistics park in and around one of the main corridors of Jamaica. We are doing the design at the moment and at the right moment we will do an announceme­nt.”

Continuing, Grey said, “We see a great opportunit­y to transform a well-located piece of land or major piece of land into a major logistic hub and we think that this will be a transforma­tive type of investment in Jamaica.”

Sources tell the Business Observer that Sygnus has already acquired the land, and that the real estate is located along the Caymanas stretch off the Mandela Highway, where the Government has earmarked it as a Special Economic Zone for warehousin­g, industrial, manufactur­ing and housing opportunit­ies, but Grey would neither confirm nor deny this.

However, he responded, “I don’t want to jump the gun; we are in the planning phase at the moment and you know planning phase in Jamaica takes a while. We have to go through a long process, but the process is a bit slow, especially because of the pandemic. Sygnus doesn’t like to jump the gun.”

Grey disclosed that a number of partners have expressed an interest in the project, pointing out that Sygnus is now talking with pension funds, business operators and distributi­on businesses about coming on board.

 ??  ?? GREY...WE haven’t sized it as yet but it is likely to be several billions of dollars
GREY...WE haven’t sized it as yet but it is likely to be several billions of dollars

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