The Carlton Savannah REIT has extended its offer of shares in the first real estate initial public offering being attempted in Jamaica's financial market.

The placement initially due to close May 30 will remain open to June 13 to, the financial advisors say, allow institutional investors more time to analyse the product.

Leo Williams, executive director of Williams & Associates Investments Ltd, the financial consultants and creators of the IPO, said that the decision to extend the offer was based on the request of pension fund managers and corporate clients who wanted more time for consultations before tendering applications.

Pleasing take-up

But Williams also said the take-up so far has been pleasing, and that the REIT would, as expected, be listed on the Jamaican Stock Exchange before the end of June.

The Carlton Savannah REIT is seeking capital of $1.254 billion from the $5.91 per share offer to purchase units in the Carlton Savannah, a luxury, business-type hotel being developed in the Trinidad and Tobago capital, Port-of-Spain.

sabrina.gordon@gleanerjm.com