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$164,000 loss for Fortress Fund
For the quarter ended December 31 the Fortress Caribbean Property Fund Limited SCC—Development Fund share suffered a loss of $164,148. This was slightly better than the $166,807 loss for the same period in 2014.
In his report to shareholders, chairman Geoffrey Cave said total expenses were down 10.5 per cent due to reductions in professional fees and interest expenses.
“The main expense for the fund continues to be the carrying costs of real estate available for resale of $91,817, most of which relates to Villas on the Green (VOTG) in St Lucia. The construction of the common pool at VOTG was completed during the quarter and it is hopeful that this will boost sales of the remaining seven units in this development. There were no assets sold during the period,” he said.
Cave said the net assets of the Development Fund declined to $25.068 million and net asset value is now $0.46 per share which is unchanged from the financial year ended September 30, 2015.
Fortress Caribbean Property Fund SCC is a Barbados-based closed-end mutual fund invested in real estate properties in the Caribbean and internationally, offering the opportunity to earn income and/or long term capital gains from a portfolio of properties.