Breadline Plaza in Windwardside.
SABA--The Caribbean Netherlands Pension Fund PCN has completed its first investment in Saba with the acquisition of the Breadline Plaza complex in Windwardside.
The complex, which is popular among residents and visitors alike and is deemed of vital importance for the community, is located on the east side of Saba in the heart of Windwardside. In addition to four residential units, Breadline Plaza also houses a bakery, an optician, a restaurant, a dental practice and Island Communication Services (ICS).
PCN has actively worked on expanding its local investments in Bonaire, St. Eustatius and Saba during recent months. The investments are managed via the newly-formed investment entity Caribbean Netherlands Participation Company PMCN, a PCN subsidiary.
The acquisition of Breadline Plaza meets all major requirements of PCN’s local investment policy. The chairman of PCN’s board, Harald Linkels is pleased with the purchase.
“Saba was high on PCN’s wish list. The purchase of Breadline Plaza fits within PCN’s plans to invest on all BES islands [Bonaire, St. Eustatius and Saba – Ed.] and in diversified sectors of their economies,” he said.
PMCN managing director Walter Blijleven handled the majority of the preparations and negotiations with the former owners, the Peterson family.
“Fortunately, we initiated and completed a large portion of the preparations ahead of the [coronavirus] closures. The pleasant and open collaboration with the Peterson family certainly contributed positively to this achievement. The acquisition is not only important from an economic perspective, but also solidifies PCN’s continued commitment to the three BES islands and its belief in a bright future for the islands beyond a period affected by the current pandemic.”
“We are very content with the collaboration with PCN and grateful for the trust that is placed in the complex, in us and certainly in Saba. This takeover will ensure that the social, central function of Breadline Plaza within the community is preserved for the longer term. We are all hopeful that better times will soon dawn on Saba,” said Stanley Peterson, who will continue to manage Breadline Plaza on behalf of the pension fund.
The purchase of Breadline Plaza is PCN’s first concrete investment in Saba, but according to Linkels, “certainly” not its last. “We are looking at several interesting projects in Saba. However, in light of the recent corona developments, we are obviously forced to act with caution in order to make well-founded investment decisions,” said Linkels.