The Tribune

The BISX-listed Bahamas Property Fund has announced that former finance minister, Sir William Allen, pictured, resigned as one of its directors with effect from April 30, 2020.

Michael Anderson, the Property Fund’s chairman, said Sir William’s background as both former Central Bank governor and minster of finance had made him an invaluable source of advice for the real estate investment trust (REIT).

“We would like to thank Sir William for his contribution as director,” Mr Anderson said. “Over the years he has contributed significantly to both the development and operations of the Property Fund.” Sir William served on the board for 14 years. His replacement will be announced at a later date.

The Bahamas Property Fund (BPF) currently has three commercial properties in its portfolio. They are the Bahamas Financial Centre on Charlotte Street in downtown Nassau; One Marina Drive on Paradise Island; and Providence House located on East Hill Street.

The fund buys, leases and manages commercial real estate, and its tenants come from industries including banking, healthcare, law and technology. RoyalFidelity Bank & Trust serves as its investment manager, administrator and property manager. Royal Fidelity has $800m in assets under management and $2bn in assets under administration.