Trinidad and Tobago: Trincity Commercial Centre has been sold for a price of $505 million last week as a part of the liquidation process of its parent company, CL Financial (CLF) group.
The Trincity Commercial Center has been acquired by real estate developers—Johnny Aboud, Anthony Rahael. The group acquisition also included contractors KallCo and Fides Ltd as the buyers.
After a plethora of financial troubles, the CLF Group went into liquidation in the year 2017. The liquidators, Grant Thornton, was given the approval to make the sale of the Trincity Commercial Center in the year 2021.
The complex was put on the market in the year 2022 after overseen by the liquidators. The initial advertisement claimed that the mall included 53.6 acres of prime land. There is also 14 acres of undeveloped land which is also part of the property.
Out of this number, 661 square feet is a purpose-built building space. 490 square feet of this space is gross leasable, said the advertisement in 2021. The Underdeveloped fourteen acres of land can be used for future expansion.
The complex includes 295 stores and kiosks which can be used to generate rental income. The buyer has access to prime real estate of Trinidad, and is placed in the East-West corridor of the island.
The liquidators have been receiving offers on the property since 2023, and by October 2024, ANSA McAL was shortlisted as the potential buyer for the property complex.
In October of 2024, ANSA McAL, withdrew from the transaction before the SPA (Sale and Purchase Agreement) had been executed. The complex was then relisted for sale and the transaction finalised during the previous week.
The officials have shared that Trincity Commercial Centre and the mall were considered the jewels of Home Construction Limited (HCL). Long Circular Mall, which is one of the other properties of the organization, is also up for sale as part of the liquidation process.
