Jamaica’s REIT Gives Investors More Time

Jamaica’s Carlton Savannah REIT has extended the closing date of its IPO to June 13 from May 30, the company says. “The decision to extend the closing date of the offer was greatly influenced by the feedback from investors indicating an insufficient amount of time to consider an entirely new IPO concept,” the firm states. Carlton Savannah expects to raise around $17.3m through the offer and seeks to purchase 16 apartments at the Carlton Savannah, a boutique hotel and apartment complex in Port of Spain, Trinidad and Tobago, and pay shareholders with rental income. The firm aims to sell approximately 212m shares, at 5.91 Jamaican dollars per share and redistribute 95% of its income in the form of dividends, which will be taxed 15% in Trinidad but not in Jamaica, offering a dividend yield of around 6.3%.