Pension fund PCN invests in purchase of Talk of the Town | THE DAILY HERALD

The Talk of Town apartment complex in St. Eustatius.

ST. EUSTATIUS–Pension Fund Caribbean Netherlands PCN will be providing a loan to Old Gin House Exploitatie Maatschappij (OGHEM) BV to facilitate the purchase of the Talk of the Town apartments on St. Eustatius.

In the past year, the PCN board has been actively looking to invest in projects on Bonaire, St. Eustatius and Saba. The loan provided to OGHEM is the first concrete investment on Statia but, according to PCN board president Harald Linkels, certainly not the last.

“We are looking at various interesting projects on St. Eustatius, one of which we expect to materialize in a matter of weeks.” according to Linkels.

Other investments made by PCN are a loan provided to airline company EZ Air and financing, as part of a bigger consortium of financiers, to build 500 low-income homes on Bonaire.

Preparations in the form of due diligence studies and deliberations for the financing provided to OGHEM were ongoing in the last few months to iron out the last details before reaching a conclusion, the pension fund said Sunday. PCN was advised in the process by consultants from Curaçao Financial Group (CFG).

OGHEM director Sybolt ten Hoopen said he was very pleased to have acquired the loan from the pension fund, as it will facilitate more accommodation on Statia. According to Ten Hoopen, this is much needed in light of several projects now taking place on the island.

Ten Hoopen and his wife Marlies are also responsible for operations of the landmark Old Gin House hotel and restaurant. “Our operation had already expanded to the Talk of the Town apartments through a long-lease construction with its previous owner Norako NV. Operations in the short-term rentals have been successful. We are thrilled that we were now able to acquire the property with the assistance of the PCN,” said Marlies ten Hoopen.

The Ten Hoopens say it has been their goal for years to cater to the whole spectrum of the short- and long-stay market. According to the entrepreneurial couple, the Talk of the Town apartments fit the bill perfectly, and they expect to do well for the 2020 season and beyond.

“Working with PCN and their consultants has been very interesting and a learning experience for us. If all goes well – and forecasts look favourable – who knows what’s next when it comes to our business here in Statia. We are in this for the long run,” they said.

Source: The Daily Herald