GK Capital Management Limited (GK Capital) will become the Financial Advisor for 138 Student Living Jamaica Limited (138SL).
Under the partnership, GK Capital will review strategic equity financing options for 138SL.
Ryan Strachan, vice president of investor relations at GK Capital, expressed in a statement on Friday (February 17): “We are excited to partner with the 138SL team as they pursue their latest capital growth objective. Any strategic review of external financing involving raising equity, will of course involve considering the interests of the existing 138SL shareholders, whose support, approval and participation will be essential.”
138SL is a real estate investment company that operates in the hospitality sector. Together with its subsidiary 138 Restoration Limited, 138SL engages in the designing, financing, and renting of student accommodation at the University of the West Indies, Mona. As of September 30, 2022, the company operated 1,464 rooms in three locations on the UWI Mona Campus, with 1,800 beds.
Cranston Ewan, CEO of 138 Student Living, explained that the company was created to provide for an underserved segment of the market.
“We identified a strong demand for on-campus housing from UWI students both locally and internationally. 138SL prides itself on delivering aesthetically pleasing residences with the appointed amenities for students to feel comfortable and excel in their studies. In any decision to go to market, 138SL will consider how best it can meet the objectives of all stakeholders including existing shareholders, our customers, and our team members,” said Ewan.
He added, “We are confident that our partnership with GK Capital on this venture will yield overwhelming success as indicated by their 2022 track record.”
For her part, Patsy Latchman-Atterbury, managing director of GK Capital Management, commented, “I am encouraged by 138SL’s laser focus on maximising the value they bring to their stakeholders.”
“In this instance, the value of satisfying the needs of students for housing in a physically safe environment will certainly promote improved scholarly performances, which in turn contributes to economic development, both in terms of the quality of the workforce as well as the new brand of entrepreneurial spirit. I am eager to share the report from our advisory services when the company achieves their latest capital growth objective.”