An Encouraging Sign for a Caribbean Developer Despite a Worldwide Slowdown
Juan Dolio area of
Dominican Republic and its most important developer, Group Metro, Continues its
Path to Becoming a World Class Destination for Second Homes
Dominican Republic – November 4th,
2009 – While many real estate developers from
around the world are postponing or cancelling projects due to lacklustre sales
and funds, Group Metro, one of the
leading real estate and transportation companies in the Dominican Republic has
avoided this trend. Group Metro today announced that it closed a US$35 million
growth capital investment with Portland Private Equity. The funds, earmarked for Las Olas, an
oceanfront condominium complex in Juan Dolio, enable the company to continue
its growth plans for the up-and-coming region of the Dominican Republic. www.metrocountry.com.
“Las Olas construction is scheduled to reach the halfway mark
before the holidays, so the timing of this capital injection coincides
perfectly with our need to purchase important components such as fixtures and
finishing elements,” stated Luis Jose Asilis, CEO of Group Metro. “This will allow us to
capitalize on opportunities and save on pre-purchases of materials, which will
be passed on to our clients in the form of a higher quality end
product,” he added.
Located in Juan Dolio, just a short
distance from Santo Domingo, capital city of the Dominican Republic, Las Olas
is a sixteen level Art Deco style beachfront condominium that features 227
apartments showcasing open spaces and panoramic views of the Caribbean Sea.
Residents will also have exclusive memberships to the Metro
Country Club, which features an expansive Clubhouse, the Las Marlins 18-hole
golf course, mini golf, tennis courts, swimming pools, restaurants, special rates in their own in-resort Embassy Suites Hotel,
and much more.
Portland Private Equity, the
private equity fund management company managing the AIC Caribbean Fund, stated,
“We
are pleased to partner with a fast growing and successful company like Group
Metro, the market share leader for beach front condominium apartments in the
southern coast of the Dominican Republic,” said Managing Partner Kip
Thompson. “We are bullish on this development as it is different than many
of the region’s tourism dependent real estate projects that we look at. The Juan Dolio area is fast becoming a suburb
to Santo Domingo and the affordable luxury emphasis of Las Olas opens up the
opportunity to local and ex-pat Dominican’s to buy a condo as a second home.”
Portland Private Equity will also participate on Metro
Country Club’s board of directors, which will provide the board insight and
experience of the international investment banking community. “In addition to
being a strong financial supporter,” continues Asilis, “Portland Private
Equity’s participation on Metro Country Club’s board will play a key role
in guiding our expansion strategy.”
About Portland
Private Equity
Based in Barbados, Portland Private Equity is a private equity fund
management company currently focused on opportunities in the Caribbean region
through its management of the AIC Caribbean Fund (ACF). Building on
Portland’s track record of successful investments throughout the Caribbean
region, ACF is a $230 million fund focused on medium-sized businesses.
Companies in its portfolio do business in over 21 countries throughout the
Caribbean, Central America, and Latin America. For more information please
contact Douglas Hewson at dhewson@aicgh.com.
About Group Metro
Group Metro has established a formidable
international reputation throughout its four decades of experience in
transportation, tourism and real estate. From its landmark property,
Metro Country Club, to the oceanfront condominium developments of Costa del
Sol, Marbella, Costa Blanca and
Las Olas, Group Metro has become the definitive company for real estate and
tourism in the Dominican Republic. Lead by its visionary CEO, Dr. Luis
Jose Asilis, the company has played an integral role in putting the Dominican
Republic on the map as a top Caribbean destination. Further, Group Metro
will be one of the first developers in the Dominican Republic to provide
internal financing to buyers. For more information, visit www.groupmetro.com, www.metrocountry.com or www.costablanca.com.do.
