Press release
18 Sep 2008
Barbados
Bajan Services
International Estate Agents
Two Top Real Estate Companies Merge
CBC - Caribbean Broadcasting Corporation (Barbados)
Terra Caribbean's recent acquisition of Bajan Services has been described as a good fit.
Managing Director of Terra Caribbean, Andrew Mallalieu told CBC News the two companies, both of which are industry leaders, are expected to continue on their growth paths as a result of the transaction.
Declining to share the finances involved in the deal, Mr. Mallalieu said the two will continue to operate as separate entities but under one management structure.
"Going forward our strategy remains the same. Both companies will remain independent companies, although under one common group ownership, and Bajan Services will continue to focus on the high end residential market. We have great plans for growing the villa rentals part of it. Today we have over four hundred and fifty rooms of the highest end rooms in Barbados under one management. It's like having a great five diamond hotel; it's just spread over various beaches on the west coast".
Mr. Mallalieu says while Barbados is not immune to the current conditions on the international market, the fundamentals of the real estate industry in Barbados are still in place
He says based on this, Terra will develop its growth plan for the properties owned by Bajan Services.
"Joining our team as Co-Managing Director, Bajan Service, is Derick Foster. Derick is the chairman of the Art Holdings Group, and he has built Automotive Art over the last twenty years, he knows how to build a regional model, and Derick has joined our team from the first of September. And he is focused very intently on how do we build out that villa model".
Terra Caribbean's recent acquisition of Bajan Services has been described as a good fit.
Managing Director of Terra Caribbean, Andrew Mallalieu told CBC News the two companies, both of which are industry leaders, are expected to continue on their growth paths as a result of the transaction.
Declining to share the finances involved in the deal, Mr. Mallalieu said the two will continue to operate as separate entities but under one management structure.
"Going forward our strategy remains the same. Both companies will remain independent companies, although under one common group ownership, and Bajan Services will continue to focus on the high end residential market. We have great plans for growing the villa rentals part of it. Today we have over four hundred and fifty rooms of the highest end rooms in Barbados under one management. It's like having a great five diamond hotel; it's just spread over various beaches on the west coast".
Mr. Mallalieu says while Barbados is not immune to the current conditions on the international market, the fundamentals of the real estate industry in Barbados are still in place
He says based on this, Terra will develop its growth plan for the properties owned by Bajan Services.
"Joining our team as Co-Managing Director, Bajan Service, is Derick Foster. Derick is the chairman of the Art Holdings Group, and he has built Automotive Art over the last twenty years, he knows how to build a regional model, and Derick has joined our team from the first of September. And he is focused very intently on how do we build out that villa model".
