Derrimon to sell Drax Hall lands to REIT managed by Different Capital

Derrimon Trading plans to sell a 12.36-acre parcel of land in Drax Hall, St Ann, to an entity managed by Different Capital at roughly 40 per cent below its independently appraised market value – in a move that would shore up cash flow for the supermarket operator. Documents obtained by the Financial Gleaner show that the parcel is owned by Arosa Limited, a subsidiary of Derrimon Trading. The land was independently valued by V.B. Williams Realty Co Ltd at US$7.8 million, or roughly $1.25 billion, with a forced-sale value of US$6.24 million.