In a partnership that ensures continued development, SIDF and Darby Family Investment acquire Christophe Harbour
BASSETERRE, ST. KITTS, JUNE 13TH 2013 (CUOPM) – The St. Kitts and Nevis Sugar Industry Diversification Foundation (SIDF) announced Thursday that it has partnered with the Darby Family Investment to acquire the 2,500-acre Christophe Harbour on St. Kitts’ South East Peninsula.
In a statement both entities said that as a result of the recent sale of Christophe Harbour’s parent company, Kiawah Partners, to real estate investment and management firm, South Street Partners, Charles P. “Buddy” Darby III and the Darby family have exercised their option to resume ownership of Christophe Harbour.
“The execution of the sale option will ensure that Christophe Harbour continues progressing under its original leadership, and the forward momentum of real estate sales, marina construction, and Park Hyatt, St. Kitts hotel development will proceed without interruption,” the statement said.
It added that with the renewed support and investment of the SIDF, Christophe Harbour is positioned to achieve its goal of becoming one of the most attractive resort and yachting destinations in the Caribbean.
SIDF’s investment of US$16 million gives it a 30% stake in Christophe Harbour.
“As a partner, the SIDF is able to ensure that the development remains focused on achieving the long-term developmental objectives of the Federation while providing many additional economic spin-off benefits. The result will be the generation of significant foreign direct investment (FDI) inflows,” said the statement.
It quotes Barby as saying: “Through this strategic partnership, we are fully committed to realizing the vision of Christophe Harbour. It’s exciting to help create and nurture the resort and yachting industry in the Federation, which will create jobs and new entrepreneurial opportunities that will positively impact the citizens and visitors of St. Kitts and Nevis.”
“We congratulate Buddy Darby and the SIDF for forging this partnership that will positively impact the people of St. Kitts and Nevis and wish them success going forward,” said Patrick Melton, Managing Partner of South Street Partners.
“This transaction will allow South Street to dedicate itself fully to its core philosophy of continuing the residential real estate and private club management at Kiawah Island, South Carolina, along with our other high-end communities,” said Melton.
Set on 2,500 stunning acres astride the Atlantic Ocean and Caribbean Sea on St. Kitts’ southeastern peninsula, Christophe Harbour will feature an impressive collection of restaurants, boutiques, five-star hotels, a Tom Fazio championship golf course, a superyacht marina and village. Oceanfront and hillside properties and homesites are now available for purchase.