Cabot Saint Lucia has announced that the company has repaid the National Insurance Corporation its original loan of EC$27 million plus interest of EC$2.4 million for a total of $29.4 million. The loan was extended less than 2 years ago. The NIC made the investment in April 2019, at the time when Cabot closed on the purchase of the Point Hardy land from Scotiabank.
“Two years ago we made a commitment to the NIC and the people of Saint Lucia to offer an attractive and secure investment in what would be a world‐class golf resort in the Caribbean, which would be managed prudently and would provide a healthy return on investment. We heard and understood the apprehension of many Saint Lucians when the news of the arrangement was made public. Today we have repaid the loan in full, including accrued interest. It has been an absolute pleasure working with the NIC. We are thrilled to have delivered on our promise to the people of Saint Lucia and will continue to serve this great island economy by creating a significant number of permanent jobs and contributing to its tourism product”, announced Cabot’s Founder and Executive Chairman, Ben Cowan‐Dewar.
The loan was fully secured by the 375‐acre parcel of land where the resort is being built so that in the event that Cabot defaulted, the private land would have become the property of the NIC and the people of Saint Lucia.
Chairman of the NIC, Isaac Anthony is pleased with the outcome: “We are happy that the NIC and the people of Saint Lucia have benefitted tremendously from this groundbreaking loan arrangement with Cabot. We have earned in the shortest period of time a significant return on our investment. This will go back into our fund for the short and long‐term benefit of contributors and pensioners in Saint Lucia. We thank Cabot for honouring its agreement with the NIC and for being an ethical and important investor in the development of the country.”
As the first international property by the acclaimed developers of Cabot Cape Breton, Cabot Saint Lucia is expanding upon its legacy of excellence with a brand‐new golf club, residential community and resort located on a lush 375‐acre peninsula in Saint Lucia. The property will feature a masterful Coore and Crenshaw designed 18‐hole golf course, a stunning collection of residences ranging from hillside townhomes to expansive single‐family homes and customizable beachfront lots, and a boutique resort. Cabot Saint Lucia broke ground on Phase One of the development in the summer of 2019 and the golf course will open in November 2022.