Carreras fetches $395m for property

Carreras sold its property at 15 Twickenham Park Estate for $395 million, the company disclosed in a release to the Jamaica Stock Exchange on Monday. The company stated that the decision to relocate it business to Kingston “is consistent with Carreras’ shift from a manufacturing company to a marketing and distribution company, which naturally resulted in the current location, previously a manufacturing facility, being under -utilised and far exceeding our current space requirement. We therefore decided to sell this property at and have entered into an agreement to sell the said property for Three Hundred and Ninety Five Million Dollars. The sale is scheduled to be completed on March 10, 2015.”
Shareholders who have been enjoying a bumper period of high returns on their shares since 2014, should see another pay out from the net proceeds of this sale.