Scotia Investments Jamaica has facilitated a private bond placement of J$340 million for Pan Jamaica Investment Trust, the proceeds of which will be used to refurbish the former Oceana Hotel, overlooking Kingston Harbour.
This Medium Term Bond Offer was issued under the Urban Renewal (Tax Relief) Act, which is designed to encourage the redevelopment of downtown Kingston and allows developers to raise tax free funds.
Oceana Hotel, located on the waterfront in downtown Kingston, falls within a Special Development Area (SDA) for the purposes of the Urban Renewal (Tax Relief) Act that allows for the issuance of bonds without withholding tax being deducted from its interest payments.
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