First Rock eyes US$28m Costa Rica and Martinique property purchases

First Rock Real Estate Investments Limited says it is working on possible purchases of commercial buildings in Costa Rica and Martinique that already produce income, with the two transactions valued together at about US$28 million. That figure is equal to roughly 40 percent of the group’s asset base, and the disclosure comes as First Rock recorded its first profit since 2023.

The board told shareholders that talks are taking place for the Costa Rica and Martinique acquisitions, estimated at around US$28 million in total. It said the properties are expected to deepen the company’s regular earnings and support stronger value for shareholders over the long run.

For the Martinique deal, First Rock signed a letter of intent with Guardian Holdings Limited on January 30, 2026. The company did not release further information on that proposed purchase. Its Costa Rican real estate activity is carried out through KFC Costa Rica.

The proposed acquisitions are being positioned as the main plank in First Rock’s plan to shift more of its holdings into durable, rent-producing property investments across the Caribbean. The board framed the move as part of the company’s wider recovery after what it described as a period of transition.

First Rock, which is incorporated in St Lucia and trades on the Jamaica Stock Exchange, reported net profit of US$3,327 for the year ended December 31, 2025. That compared with a US$8.89-million loss in the previous year.

Rental revenue rose sharply to US$1.23 million, up from US$161,281 in 2024, representing growth of about 663 percent. The company also booked US$4.44 million in net fair value gains on investment property, helping push total property income to US$5.19 million. In 2024, the group had reported a property loss of US$4.71 million.

The company’s asset base increased by around 15 percent, moving to US$65.76 million from US$57.17 million. Shareholders’ equity was little changed, rising to US$25.79 million from US$25.64 million.

Financing costs also climbed. Interest expense moved to US$1.73 million from US$895,213, nearly twice the prior year’s level, as borrowings expanded. Those borrowings included a US$15-million secured note arranged by Mayberry Investments Limited to refinance First Rock’s Hambani residential project in Kingston, which was reportedly 90 percent finished at year end.

The company said management believes the strategies now being pursued should allow the group to generate enough cash flow to remain in operation, meet obligations when due, and deliver positive returns to stakeholders.