Dionne Rose, Business Reporter

Samuda - File

The government's Factories Corporation of Jamaica (FCJ) is in the process of selling the real estate to the tenants of four of its complexes in Kingston and St Catherine, as part of a drive to lessen its role as long-term landlord to being more facilitator of investors.

" .... We intend to dispose of those factories that are now being occupied by investors who wish to acquire them and then we will go about the business of building new ones and opening new gateways and opportunities," said Karl Samuda, the commerce and investment minister, explaining the new policy thrust.

factory-type operations

Factories Corporation, with assets of $6 billion and controlling tens of thousands of square feet of factory space across Jamaica, was established to build and rent real estate to entrepreneurs who wanted to set up business - mostly factory-type operations - without the hassle of having to construct their own factory.

But as manufacturing has retreated from Jamaica, the FCJ has built up a high inventory of unoccupied real estate.

Samuda, whose Jamaica Labour Party administration has been in office for a year, would prefer that the FCJ retreat from a long carry of properties.

"... Government is not in the business of providing service indefinitely as a landlord," Samuda told a function - held on Wednesday in New Kingston - to launch the United Nation's World Investment Report.

Neil Seaton, board chairman of Factories Corporation, told Sunday Business that Cabinet recently gave approval to dispose of four complexes, which, when sold, should earn some $70 million.

computer firm

On of these facilities at Majesty Pen on Spanish Town Road, will go to the GraceKennedy subsidiary Grace Food Processors, while another, at Nanse Pen Road in Kingston, will be taken up by the occupant, Free Form Limited. A third property will be sold to Design by Mark in Kingston, and the fourth, Twickenham Park in St Catherine, will go to a computer firm.

The total square footage of the properties could not be immediately ascertained.

Sunday Business also learnt that a further two FCJ complexes were awaiting final Cabinet approval for sale. One of these, in Montego Bay, St James, is likely to go to the Jehovah's Witness Church.

dionne.rose@gleanerjm.com .