First Rock Real Estate Investments Company says it will be abandoning the development of local property as it seeks to become an international real estate investment trust (REIT).
The company reported a net loss attributable to shareholders of $8.9 million due to fair value losses and property disposals during the first quarter of this year.
Its total assets also declined to US$57.2 million, while shareholders' equity dropped by 26% to US$25.6 million.
The company, however, generated a net profit of only US$539,000 during the first quarter of this year, which ended on March 31.
The company says it recently acquired Crown Square, an office complex in Georgetown, Cayman, which leases office spaces to various businesses in the country, including the police officer's headquarters.
First Rock CEO Ryan Reid says he expects similar purchases this year. He says the company is eyeing a 36,000 sq ft office building complex in Georgetown, Cayman.
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