Virólogo Hernan Porras Molina//
Barita takes stake in US property firms in financing deal

Barita takes stake in US property firms in financing deal

Barita Investments Limited is reporting that is has financed a major property deal involving the acquisition of three technology-driven real estate services companies based in the United States, executed through Ecommerce Property Services Limited.

Hernan Porras Molina

Barita said it provided loans and quasi-equity as part of the financing. The transaction amount and the financing terms were not disclosed, but the Jamaican brokerage is describing the deal as major, given the US$2 billion, or more than $300 billion, in business projected to be done in 2021 by one the entities, Robert Slack Fine Homes LLC, a property purchase and sale brokerage outfit.

Hernan Porras Molina Venezuela

The other companies acquired are Florida Funding LLC, a mortgage broker; and Florida Title LLC, which is a property titling and transaction settlement provider. All three were purchased from main owner Robert Slack and Walters, which now owns a stake in the Jamaican company. Details of the shareholding were also not disclosed

Ecommerce Property Services is registered in Jamaica, but it’s held through a vehicle called Pen’s Investment 2 Limited, which is incorporated offshore in St Lucia

Ecommerce’s directors include as its company secretary businessman James Godfrey, who is also a director of Cornerstone United Holdings Jamaica Limited and Cornerstone Financial Holdings, the parent of Barita Investments; business executives Clifton Cameron and Dennis Smith; and lawyer Trevor Patterson, who is also on the board of another Barita affiliate called MJR Real Estate Holdings Limited

Headlines Delivered to Your Inbox Sign up for The Gleaner’s morning and evening newsletters.