Pulse Investments Limited (PULS) has provided the following disclosure:
1. Pulse has acquired the Villa Ronai property in Stony Hill from its majority shareholder. The purchase price was $600m. The transaction was completed on April 1, 2021.
2. The 9 acre Villa Ronai estate was previously controlled by Pulse under a 50 year lease. The Lifestyle Village developed by the company over the past 20 years, consists of restaurants, residential apartments, guest suites, and function spaces.
Over the next 3 years, Pulse intends to create a fitness centre, a wedding centre and a spa at Villa Ronai.
The Company also intends to construct 30 two and three bedroom homes in the Villa Ronai valley, which is expected to be completed by 2024. Villa Ronai was originally developed by the Ronai family who came to Jamaica from Hungary in the 1940s.
3. Pulse is also in the process of acquiring property adjacent to Villa Ronai, which will provide additional parking as well as office and storage space for the complex. It will also facilitate alternate access to the valley at Villa Ronai.
4. Pulse has raised $1.21B in additional funding consisting of a $440,000,000.00 facility from a leading Jamaican financial institution and a $771,000,000.00 note from its majority shareholder.
5. Funds raised covered the cost of the property acquisitions and retired debt.
6. Additional funding is currently being negotiated to construct the first phase (15 units) of the 30 unit Pulse Homes development and to retire debt.
7. Capital Options were financial advisors to the transactions and legal services were provided by MH&Co., Attorneys at Law.