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Business Briefs

Published:Wednesday | February 20, 2019 | 12:16 AM

KPREIT offloading two condos

Kingston Properties Limited, KPREIT, expects to collect US$450,000 from the sale of two condo units in Florida.

The sale of the unit located on the Midblock Condominium complex in Midtown, Miami, Florida, has closed, while the sale of unit at the Loft II Condominium complex is expected to close in March, KPREIT said in a market filing.

The company intends to use the proceeds of the sales to reduce debt and fund new acquisitions.

 

Private pension assets to surpass $600b

Pension assets grew at an annual rate of 7.7 per cent at last report for the period ending September 2018, when the Financial Services Commission, FSC, estimated the market at $595 billion.

And relative to the June quarter, the market grew 3.3 per cent.

That put the sector on track to surpass $600 billion by the end of 2018.

The FSC currently regulates 708 plans, whose investments mostly ­comprise government paper, equities, and real estate.

In its most recent quarterly review of the sector, the FSC reported an 18 per cent growth in the value of equity holdings to $142 billion. Equities account for 24 per cent of total pension assets, but remains second to government securities as the largest category investments.

 

Venezuela shutting sea links to Dutch Caribbean

A Venezuelan official said Tuesday that the country is banning sea trips to and from three Dutch Caribbean islands – a region that has been linked to efforts to undermine President Nicolás Maduro by sending emergency aid to the South American nation.

The indefinite shutdown of the maritime border applies to commercial and fishing boats between Venezuela and the islands of Curaçao, Aruba and Bonaire, said Falcon state Civil Protection Director Gregorio Jose Montano.

It comes as opposition leader Juan Guaidó has been rallying ­international support for his challenge to Maduro.

Maduro has said the aid is unnecessary, denying a humanitarian crisis in Venezuela.

The Maduro government last year temporarily closed air and ­maritime ties with the three islands, saying it was trying to stamp out smuggling of Venezuelan products to the islands.