An Encouraging Sign for a Caribbean Developer Despite a Worldwide Slowdown
Juan Dolio area of Dominican Republic, Through the Efforts of its Most Important Developer, Group Metro, Continues on its Path to Becoming a World Class Destination for Second Homes
Miami, FL (PRWEB) November 10, 2009 -- While many real estate developers from around the world are postponing or canceling projects due to lackluster sales and inadequate funding, Group Metro, one of the leading real estate and transportation companies in the Dominican Republic has bucked this trend. Group Metro today announced that it closed a US$35 million growth capital investment with Portland Private Equity. The funds, earmarked for Las Olas, an oceanfront condominium complex in Juan Dolio, will enable the company to continue its expansion plans for the up-and-coming region of the Dominican Republic. www.metrocountry.com.
Las Olas, beachfront condominium in Juan Dolio, Dominican Republic
“Las Olas construction is scheduled to reach the halfway mark before the holidays, so the timing of this capital injection coincides perfectly with our need to purchase important components such as fixtures and finishing elements,” stated Luis Jose Asilis, CEO of Group Metro. “This will allow us to capitalize on cost saving opportunities through bulk advance purchasing of materials, which will be passed on to our clients in the form of a higher quality end product,” he added.
Located in Juan Dolio, 35 km from Santo Domingo, the capital city of the Dominican Republic, and 15 km from the Las Americas International Airport, Las Olas is a sixteen level Art Deco style beachfront condominium that features 227 apartments showcasing open spaces and panoramic views of the Caribbean Sea. Residents will also have exclusive memberships to the nearby Metro Country Club, which features an expansive Clubhouse, the Las Marlins 18-hole golf course, mini golf, tennis courts, swimming pools, restaurants, preferential access to the in-resort Embassy Suites Hotel, and much more.
Portland Private Equity, the private equity manager of the AIC Caribbean Fund, stated, “We are pleased to partner with a fast growing and successful company like Group Metro, the market share leader for beach front condominium in the southern coast of the Dominican Republic,” said Managing Partner Kip Thompson. “We are bullish on this development as it offers many advantages compared to the other tourism dependent real estate projects in the region that we look at. The Juan Dolio area is fast becoming a suburb to Santo Domingo and the affordable luxury emphasis of Las Olas opens up the opportunity to local and ex-pat Dominicans to buy a condo as a second home.”
Portland Private Equity will also participate on Metro Country Club’s board of directors and will provide the board with global industry insight and international investment banking experience. “In addition to being a strong financial supporter,” continues Asilis, “Portland Private Equity’s participation on Metro Country Club’s board will play a key role in guiding our expansion strategy.”
About Group Metro
Group Metro has established a formidable international reputation throughout its four decades of experience in transportation, tourism and real estate. From its landmark property, Metro Country Club, to the oceanfront condominium developments of Costa del Sol, Marbella, Costa Blanca and Las Olas, Group Metro has become the definitive company for real estate and tourism in the Dominican Republic. Led by its visionary CEO, Dr. Luis Jose Asilis, the company has played an integral role in putting the Dominican Republic on the map as a top Caribbean destination. Further, Group Metro will be one of the first developers in the Dominican Republic to provide flexible financing to buyers. For more information, visit www.groupmetro.com, www.metrocountry.com or www.costablanca.com.do.
About Portland Private Equity
Based in Barbados, Portland Private Equity is a private equity fund management company currently focused on opportunities in the Caribbean region through its management of the AIC Caribbean Fund (ACF). Building on Portland’s track record of successful investments throughout the Caribbean region, ACF is a $230 million fund focused on medium-sized businesses. Companies in its portfolio do business in over 21 countries throughout the Caribbean, Central America, and Latin America. For more information please contact Douglas Hewson at dhewson(at)aicgh(dot)com.
Media Contact:
Sabrina Lacle
Sabrina(at)amgwagency(dot)com
305-856-8004 ext. 309
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