Pamela McLean, head of the Ex-Im Bank. - File
The National Export Import Bank of Jamaica (Ex-Im Bank), an agency that lends to exporters, is tipped to acquire office space vacated by the National Investment Bank of Jamaica in New Kingston, a business and residential district where commercial real estate fetches prime prices.
But on Tuesday the agency said it would take up the space only if the price was right.
"Put it this way," said Ex-Im Managing Director Pamela McLean. "We've been asked to examine the possibility."
The asking was done by Finance Minister Dr. Omar Davies to whom both the NIBJ, which recently cut a third of its 40 staff, and Ex-Im with its 57 employees, are answerable.
Ex-Im Bank, founded in 1986, has been searching for a new home for three years to relocate from downtown Kingston - which frequently flares into violence - and had nixed several properties as unsuitable or unaffordable.
The agency has already backed away from one New Kingston property, saying its market price of over $100 million was too high.
Davies, said McLean, floated the NIBJ headquarters as a possible fit, and 'encouraged' her agency to discontinue its three-year hunt for property.
NIBJ has clear ownership of the ground floor of the Dorchester.
But, otherwise control of the apartment building, whose deep orange and blue exterior, gives it prominence in New Kingston, remains a controversial issue.
Attempts to sell over 30 apartments placed in receivership about three years ago, have been blocked by an injunction filed by John Cook's General Management Company barring debt collector Jamaica Redevelopment Foundation and its receiver Ken Tomlinson.
NIBJ, whose ground floor space measures more than 20,000 square feet, vacated those offices Monday consequent on its merger with the Development Bank of Jamaica on September 1.
The Financial Gleaner was unable to ascertain immediately how much of the $307 million of fixed assets on NIBJ's balance sheet to March 2006 was related to the value of the office space.
Acting head of the merged banks Wayne Whittingham said he would have to research it.
After 20 years of renting space downtown, McLean said Ex-Im was hunting property to buy, adding that the decision on the NIBJ property was pending a site inspection, the agency's own valuation, the asking price - to be determined after government valuators from the Land Agency assess the property - and approval from the Ex-Im board.
"We will be looking out for value for money," said McLean.
Ex-Im, whose cash and short term deposits top $800 million among total assets of $3.13 billion to March 2006, had initially bought property at 61 Half Way Tree Road, but later sold it.
The lending agency had also backed away last year from buying the old Jamaica Flour Mills corporate offices in New Kingston which, McLean said, then had a market value in excess of $100 million and above what her agency was prepared to invest.
The Dorchester location, however, already has a plus in its favour.
"NIBJ, without prejudice, offers the parking solution we are looking for, for our staff and customers," said the agency boss.
Meanwhile, control of the Dorchester, whose deep orange and blue exterior, gives the apartment building prominence in New Kingston, remains a controversial issue. Attempts to sell over 30 apartments placed in receivership about three years ago, have been blocked by an injunction filed by John Cook's General Management Company barring debt collector Jamaica Redevelopment Foundation and its receiver Ken Tomlinson.
lavern.clarke@gleanerjm.com
