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Pulse Investments has acquired the Villa Ronai property in Stony Hill for $600 million.
The transaction was completed on April 1, 2021. The nine-acre Villa Ronai estate was previously controlled by Pulse under a 50-year lease.
Pulse acquired the property from Kingsley Cooper the majority shareholder in Pulse, using the proceeds of its recently raised $1.2 billion note from Capital Options Limited.
The company plans to use the remaining funds from the note to pay off debt.
The Villa Ranoi lifestyle village developed by the company over the past 20 years, consists of restaurants, residential apartments, guest suites, and function spaces. Villa Ronai was originally developed by the Ronai family who came to Jamaica from Hungary in the 1940s.
Pulse Investments has repaid a $250-million bond, arranged by NCB Capital Markets, four years ahead of time.
Bond proceeds were first disbursed in December 2019 and had a five-year tenure. Repayment was effected at the end of the first year.
Pulse continued to post solid performances with both its earnings report for the first quarter, ended September 30, 2020, as well as appreciation in its stock price.
Pulse stock closed the year up 222 per cent from its 2019 year-end. The stock traded then at $1.50 (adjusted for the 4 for 1 stock split that took place in 2020) and closed 2020 at $4.83.
The $250-million bond was used to retire more expensive debt and to complete an extensive refurbishing of the Pulse operated property at Villa Ronai in Stony Hill. Some funds were also used to do preliminary work for the 30 unit Pulse Homes project, the first 15 of which are expected to be completed in 2022.