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Sygnus Real Estate Fund directors gather for a photo at the Annual General Meeting to discuss the 2024 results. Pictured (L-R) are David Cummings, Head of Real Estate and Project Finance; Horrace Messado, Chairman; Elizabeth Stair, Director; Berisford Grey, President and CEO, Sygnus; and Pierre Williams, Director.
Sygnus Real Estate Finance Limited (SRF) is repoting the deployment of $15.49 billion in capital and investment exits totaling $6.47 billion since its inception.
SRF told shareholders at a recent annual general meeting that it concluded its first investment lifecycle with an exceptional 19.15% average Return on Equity (ROE), surpassing its 12 per cent target.
SRF also paid its first-ever dividend in December 2024, reflecting its commitment to delivering consistent returns to investors. The company’s strong financial results demonstrate its strategic execution and effective financial management within the real estate finance sector.
Jason Morris, Executive Vice President and Chief Investment Officer, emphasized the success of SRF’s investment strategy.
“For every dollar invested, shareholders saw a 75 per cent increase in value. Our disciplined capital allocation and strategic execution continue to drive exceptional shareholder value,” Morris said.
Looking at the performance, net profit for the financial year ending August 2024 surged by 49 per cent to $315.08 million, compared to $211.44 million the previous year.
Net investment income increased by 62.7 per cent to $508.50 million, driven by higher total investment income and a 27 per cent reduction in operating expenses.
Total investment income grew by 9.6 per cent to $839.24 million, attributed to gains in investment property and joint ventures.
David Cummings, Vice President and Head of Real Estate and Project Finance, attributed the strong performance to the company’s mission of providing flexible capital and unlocking value in the real estate sector.
“Achieving a 19.15 per cent return on equity reflects our dedication to creating value for shareholders while effectively managing risk,” Cummings said. “We are proud to have exceeded our targets, and our first dividend payout signifies an important step toward building long-term wealth for our investors.”
SRF successfully raised $3.38 billion through a dual-currency senior secured debt issuance, later upsized to $4.11 billion, to fund future investments and refinance debt.
SRF also advanced several key projects during the financial year. The One Belmont office building, a nine-story joint venture, reached practical completion and is expected to add significant income to the portfolio. Additionally, the Spanish Penwood industrial facility, SRF’s first development project, generated its first full year of lease income following a successful exit.
Other notable developments include ongoing work on the 14-acre Mammee Bay beachfront property and the successful exit from the Hillcrest Avenue asset in Kingston. Lakespen Holdings in St Catherine is progressing with its industrial development, while the 26 Seaview Avenue property remains under evaluation for sale.
President and CEO Berisford Grey expressed confidence in SRF’s growth trajectory.
“With major projects like One Belmont and Spanish Penwood showcasing our value creation, we remain focused on unlocking further potential in our assets. Our successful exits and strategic sales solidify our market position, and we are poised for continued success,” Grey said.
