Sygnus Real Estate Finance breaks ground for Lakespen Industrial Park

Sygnus Real Estate Finance Limited (SRF) officially broke ground on its transformative 55-acre logistics and industrial development, Lakespen Industrial Park, on Tuesday, December 9.

The ground-breaking ceremony follows SRF receiving regulatory subdivision approval, an important milestone for an investment that will help rebuild national capacity, stimulate job creation, and attract major international occupants.

Speaking at the groundbreaking, David Cummings, the vice-president and head of real estate and project finance at Sygnus Capital, shared, “With the Lakespen Industrial Park, we are pleased to bring another transformative development to the table, one that will support immediate employment, strengthen productivity, and help revolutionise Jamaica’s logistics landscape through thoughtful, resilient design.”

In highlighting the value proposition of SRF, he noted that its mission is to provide “flexible capital to unlock the value of real estate across the region, while delivering risk-adjusted returns for our investors and shareholders”.

Cummings pointed to the company’s “track record of success” noting that since it began operations in 2019, more than $18 billion in capital has been deployed.

“These results include the successful delivery of the 240,000 square foot One Belmont Class – a commercial building on Belmont Road – as well as our industrial build-to-suit on Spanish Town Road. These projects demonstrate SRF’s ability to deliver game-changing developments that raise the standard of Jamaica’s built environment.”

A transformational industrial development

The Lakespen Industrial Park spans 55.4 acres, with 46.4 acres available for sale across 34 serviced lots ranging from 1 to 3 acres each. The development targets significant market demand, with an appetite for over 1 million square feet of logistics and warehouse space.

Prime Minister of Jamaica Dr Andrew Holness commended SRF on the project, emphasising its significance to national recovery and long-term growth.

Prime Minister of Jamaica (right) makes a point to (from left) Horace Messado, chairman, Sygnus Real Estate Finance Limited (SRF); Dr Ike Johnson, co-founder, executive vice-president and chief operating officer, Sygnus Capital; and David Cummings, vice-president and head of real estate and project finance, Sygnus Capital, following the official ceremony to mark the breaking of ground for SRF’s Lakespen Industrial Park in St Catherine on Tuesday, December 9, 2025.

“We are indeed living in a time where climate is an important consideration for business decisions and economic activity. We are seeing climate events, particularly hurricanes, of greater intensity, greater frequency, and oftentimes overlapping. So, you need a government that appreciates this fact and can make policy to ensure that our country and our people are able to withstand this. The best way to describe this is resilience building,” Dr Holness stated in his keynote.

He continued: “We give God thanks that, though we were struck, we can stand here today and say that business continues. Sygnus is breaking ground on a 55-acre property to develop a logistics operation that will add value and dimension to Jamaica’s logistics aspirations. Companies like Sygnus will have a critical role to play in this reconstruction and redevelopment. I want to commend Sygnus, the developers, and their partners. We will rise again, we will rise stronger than before. We will build forward, and we will create the Jamaica that we are destined as a people to enjoy.”

Project execution and completion

The project’s execution has advanced steadily, beginning with the signing of a design-build contract with China Harbour Engineering Company (CHEC) in December 2024. SRF will begin to deliver the lots by summer 2027.

Lakespen Industrial Park will be developed to mirror world-class standards, with a strong emphasis on resilience and long-term reliability, a core design priority from the project’s inception. It will feature a 2.4-metre (8-foot) perimeter wall outfitted with anti-climb security spikes, complemented by an extensive network of surveillance cameras throughout all common areas. Security will be further strengthened by a rapid-response armed security team stationed on site.

As part of the project, the developers will install an underground electrical distribution system to improve reliability and aesthetics, along with a 70,000-gallon reserve water tank to support business continuity for buyers. Together, these features aim to deliver a modern, secure, and fully serviced industrial environment that meets growing demand in the logistics and warehousing sector.

Minister of Industry, Investment and Commerce Senator Aubyn Hill pointed out the significance of the investment.

“Let us thank Sygnus Real Estate Finance for its vision to drive economic growth across the Caribbean. This commitment to financial and building innovation and the development of really modern commercial and living spaces in Jamaica is evident in projects like One Belmont, which is a fabulous building, Penwood, and now the Lakespen Industrial Park. The development represents a strategic investment in Jamaica’s industrial future. This project showcases the collaboration and drive of Jamaican companies, workers, and investors, showing that Jamaica is stable,” he said.

Stimulating economic growth, creating job opportunities

Beyond its physical infrastructure, the industrial park will stimulate significant economic activity and job creation within the Lakespen and wider St. Catherine communities. The improved access and enhanced amenities of the development are expected to attract additional private investment, creating a ripple effect of growth for businesses seeking warehousing and logistics solutions. The project demonstrates how private capital can deliver widespread public benefit, strengthening Jamaica’s industrial ecosystem while supporting livelihoods and long-term community advancement. 

Berisford Grey, president and CEO of Sygnus Capital, reflected on the broader impact of the Lakespen Industrial Park, noting how the project not only rebuilds infrastructure but also creates new opportunities for investment and job creation across Jamaica.

“The Lakespen Industrial Park reflects Sygnus’ commitment to building resilient infrastructure and unlocking new engines of economic activity for Jamaica. With over US$20 million to be invested, this project is a powerful demonstration of how we are recalibrating the capacity of Jamaica’s logistics base to meet the demands of a modern, competitive economy,” Grey shared.

“The strong market interest we’ve already received, the partnerships we’ve secured, and the world-class features we are delivering all speak to the confidence investors have in Jamaica’s logistics sector. This is a major step forward for Sygnus Real Estate Finance and for the country, and we are proud to play our part in accelerating national growth,” he added.

Source: Our Today