FOR IMMEDIATE RELEASE
PRESS RELEASE
January 19, 2026
SYGNUS REAL ESTATE FINANCE BREAKS GROUND ON 55-ACRE LAKESPEN INDUSTRIAL PARK, GROWS INVESTMENT ASSETS TO J$16.77 BILLION
(Kingston, Jamaica) – Sygnus Real Estate Finance Limited (‘SRF’ or the ‘company’) broke ground on its 55-acre industrial asset dubbed the “Lakespen Industrial Park” on the 9th of December 2025, with an intention to commence construction in early 2026. The company also reported continued growth in its real estate investment portfolio and active execution of exits for the three months ended November 30, 2025. This performance reflects steady progress in SRF’s second investment life cycle and its deliberate strategy of investing in and developing real estate assets in Jamaica.
During the quarter, real estate investment assets increased by 21.2% year-on-year to J$16.77 billion, while SRF recorded J$43.89 million in exits. Shareholders’ equity increased to J$9.03 billion, compared with J$7.81 billion in the prior year. Book value per share increased to J$26.01, compared with J$23.93 in the prior year, underscoring continued value creation across the company’s Jamaica-based portfolio, which spans commercial, industrial, residential and hospitality assets.
For the quarter, total investment income was -J$23.19 million, compared with -J$125.65 million in the prior year, while net loss amounted to -J$182.31 million, compared with -J$235.69 million previously.
Commenting on the results, Jason Morris, Executive Vice President and Chief Investment Officer of Sygnus, said, “The quarter reflected continued execution across our real estate investment platform, with growth in invested assets and tangible progress on exits and monetisation. As we move through our second investment life cycle, we anticipate the development of our key strategic assets and disciplined investment exits to support long-term shareholder value and more regular dividend distributions.”
Exits during the quarter were driven by proceeds received from the partial exit of a third-party real estate investment note, supporting capital recycling and the continued execution of SRF’s investment strategy.
From an asset execution standpoint, SRF continued to advance several Jamaica-based developments aligned with its long-term investment thesis. The company held thegroundbreaking ceremony in December 2025 for its 55-acre Lakespen Industrial Park in St. Catherine, with construction targeted to commence in early 2026.
The Lakespen Industrial Park is being positioned as a high-quality industrial development, designed with a strong focus on durability, operational security, and infrastructure resilience. The project incorporates a 2.4-metre (8-foot) perimeter wall with anti-climb security spikes, complemented by a comprehensive surveillance camera system covering all common areas and a rapid-response armed security presence on site. Core infrastructure will include an underground electrical distribution network to support reliable operations and improved site aesthetics, along with a 70,000-gallon reserve water tank to ensure business continuity. These elements are intended to support a secure and fully serviced industrial park that caters to Jamaica’s expanding logistics and warehousing needs. The publicly listed company is on track to deliver the industrial lots by summer 2027. More information about the Lakespen project can be accessed at https://lakespenindustrialpark.com/.
Operational execution also progressed across the portfolio. Interior build-out works continued for select tenants at the One Belmont commercial office tower, which is now effectively 100% completed, with a third tenant occupancy expected in 2026. Value creation initiatives were also advanced at the Mammee Bay hospitality asset in St. Ann, alongside ongoing development activities for the Lakespen industrial asset in St. Catherine, where construction is targeted to commence in early 2026.
David Cummings, Vice President and Head of Real Estate and Project Finance at Sygnus, added. “The developments we are advancing are not only investment opportunities, but long-term assets that contribute to the country’s real estate development landscape. Through projects like One Belmont and Lakespen, we are deliberately deploying capital into developments that support business growth, job creation, and Jamaica’s broader development objectives. Though our real estate strategy is currently rooted in Jamaica, we are exploring multiple pipeline opportunities across the region.”
SRF remains focused on unlocking value across its real estate assets through disciplined investment execution, active asset management, and targeted exits to enhance long-term shareholder value.
For full details on SRF’s financial results, please click here. The full recording of the earnings call is available at www.youtube.com/watch?app=desktop&v=SwE3Irx5BQE.
