July 25, 2018
Factories Corporation of Jamaica Limited is urging its existing clients and interested parties to make contact with the organization regarding their interest in purchasing any of the properties announced under the company’s 15% divestment project.
The company announced the divestment of 58 developed and undeveloped properties.
This represents 15% of the properties owned by FCJ. So far eleven of the 58 properties at a projected cost of 319 million dollars, are now in the process of being concluded for sale. According to FCJ Chairman Mr. Lyttleton ‘Tanny’ Shirley, the company conducted an assessment of its asset portfolio to identify non-performing assets. Mr. Shirley said this has resulted in the identification of undeveloped assets such as lands which does not fit the company’s strategic direction.
“The Board has made a decision to invest in integrated business complexes which will result in the amalgamation of public and private sector entities, while providing space for agro processing, manufacturing, warehousing and
business process outsourcing,” said the Chairman. Presently FCJ owns approximately 1.7 million square feet of rentable space. FCJ expects to construct an additional 1.5 million square feet of space over the next 3-5 years to meet the demand in the agro processing, manufacturing, business process outsourcing, distribution and warehousing industries.
Contact
Lyttleton ‘Tanny’ Shirley
Chairman
876-999-7015
