Premier Commercial Real Estate Investment Corporation, the mutual fund formed earlier this year to invest in commercial Bahamian properties, is now seeking to raise $14.153 million instead of $23.55 million after the fund was forced to restructure following the withdrawal of John S. George, the Nassau-based retailer.
Premier, which has extended its private placement offering until May 23, had initially planned to acquire six properties valued at a combined $28 million.
However, John S. George’s withdrawal means that when Premier’s private placement closes, it will only own a properties at a combined value of $16.6 million.
Source: The Tribune
