Category: Real Estate (2)

 

Philipp Pieper, Swarm

Swarm invests in Puerto Rico real estate

Wed, 04/04/2018 – 12:26

Swarm Fund, the blockchain for private equity, has announced its second Real Estate fund, the Viejo San Juan Comunidad RE Holdings Fund.

The fund, available to Swarm Fund’s accredited investors, will target redevelopment of property and other projects in the ‘Old San Juan’ section of San Juan, Puerto Rico, serving both the traditional community housed there and the new ‘crypto community’ beginning to emerge, with a focus on market-rate office space, short-term residence and other properties.

The real estate asset-backed fund, which was opened last year, is led by the management team of Stephen Inglis and Mercy Zayas, veterans of both early-stage real markets across the globe, as well as the Puerto Rican real estate market specifically for the last several years.  For previous funds the Puerto Rico team’s Stephen Inglis has worked with institutional investors such as Capstone, PineBridge, and others.

“Swarm is proud to be one of the first entities to utilize the power of blockchain and participative in projects to assist community development, especially ones in need. Puerto Rico, and the Old San Juan neighborhood specifically, can be for the blockchain what the Santa Clara Valley was for the silicon transistor,” says Philipp Pieper (pictured), CEO and co-founder of Swarm Fund. “The Viejo San Juan Comunidad RE Holdings Fund can provide a way for Puerto Rico’s community to lift itself up while exposing its economy to a global community of people that care and can actively assist through the blockchain and other decentralized mechanisms.”

The fund has targeted several properties for redevelopment that can generate current rental income. Among the properties will be a redeveloped landmark building that will serve as a business hub for the crypto and blockchain communities in Puerto Rico. The fund will acquire properties based on current cash flow, rejuvenation, and capital appreciation, following a portfolio optimisation approach.

One of the busiest cruise ship ports in the Caribbean, the harbour of Old San Juan provides a regular flow of customers and tourist arrivals to support both Airbnb rentals and the retailers that pay commercial rents. Puerto Rico also continues to be attractive to crypto-companies and other businesses because of its Act 20 and Act 22 tax incentives.

“After Hurricane Maria, Puerto Rico is back in business and ready to be a hub of this exciting new economy, and the hub of a new global economy. In my several decades of investing in real estate at the earliest stages, I don’t think I’ve seen a more exciting opportunity, and I look forward to how Swarm can accelerate this opportunity by exposing it to an entirely new class of investor,” says Viejo San Juan Comunidad RE Holdings Fund Manager Stephen Inglis.

Puerto Rico Welcomes One of World’s Largest Cruise Ships

By on March 20, 2016

SAN JUAN – Puerto Rico welcomed Sunday one of the largest cruise ships in the world, Royal Caribbean’s Oasis of the Seas, which can accommodate 6,360 passengers and 2,394 crew members and is scheduled to visit the island six more times this year, for an estimated $2.3 million injection for the Puerto Rican economy.

Gov. Alejandro García Padilla spoke in front of the 100,000-ton ship that docked in Port of San Juan’s Pier 3, which was expanded with a $9.3 million investment, and announced the near-future arrival of two more mega cruise ships.

The Allure of the Seas, which has the same design as the Oasis, but is 2 inches longer, will be arriving to the island in early summer. Meanwhile, the Harmony of the Seas – which will become the world’s largest cruise ship, able to carry 6,780 passengers and 2,300 crew members – will arrive in San Juan on Dec. 28.

“We have reason to be proud, because we have worked hard for it, especially in the tourism sector,” the governor said, adding that with the upcoming cruise ships, “we consolidated our position as a world-class destination.”

Touching upon the island’s financial debacle, he said, “We are all aware of the fiscal crisis we are facing and our struggle to get the U.S. Congress to give us the tools we are justly requesting to overcome this situation. While that is happening, we have not rested for a moment in our endeavor to build a better Puerto Rico.

“The transformation of our tourism industry is a fact. While last year we broke the record with a million and a half cruise passengers, this year we fully embarked on the mega-cruise industry,” the governor said.

oasis 2

Gov. Alejandro García Padilla speaks in front of San Juan Port’s Pier 3, where Royal Caribbean’s Oasis of the Seas is docked. (Via Inter News Service)

 

Oasis of the Seas (By Paul Dickerson)

Oasis of the Seas (By Paul Dickerson)