Heirloom Caribbean Real Estate Fund Enters into an Agreement to Acquire 87 Acres of Property in Montego Bay, Jamaica

    GEORGE TOWN, CAYMAN ISLANDS, March 29, 2012 /24-7PressRelease/ -- Heirloom Fund Management Ltd., manager of the Heirloom Caribbean Real Estate Fund (HCREF), is pleased to announce that it has entered into an agreement to acquire the property known as High Hope Wiltshire in Montego Bay, Jamaica.

Located only 6 miles from Montego Bay and sitting at 1,200 feet above sea level on 87 acres, the property offers spectacular views of the city and bay.

The objective of this investment is to refurbish and re-open the property as a boutique hotel and spa. Approximately 50 acres of the property will be sub-divided into a gated community with the hotel/spa becoming the focal point of the development. In addition, the property also has 10 unfinished 1,200 sq ft chalets that will be completed and form part of the hotel.

The elegant 6,000 sq. ft. villa on the property was the former home of U.S. Ambassador Walter L. Rice and it was also home to movie producer David Selznick who produced the blockbuster film "Gone with the Wind" and also "The Adventures of Tom Sawyer".

Montego Bay is one of the top tourist destinations in the Caribbean, and the manager believes that this investment offers an excellent opportunity for local and overseas investors to participate in the growing Jamaican real estate market.

Further announcement will be made by the Company once the acquisition has been completed.

Investors wishing to participate in this venture please visit our website for additional information at www.heirloomfunds.com or for a copy of the fund prospectus please contact Bruce Ramsey at Heirloom Fund Management Ltd. at [email protected].

About Heirloom Caribbean Real Estate Fund:

The Heirloom Caribbean Real Estate Fund offers capital appreciation and an ongoing income opportunity by investing in a diversified portfolio of Caribbean real estate projects and assets. These investments are structured as equity investments and/or debt commitments. Each investment may be in conjunction with local market partners or developers, that offer the Fund potentially higher yielding investment opportunities. The Heirloom Caribbean Real Estate Fund provides a perfect opportunity for individual investors and corporate entities to participate in the real estate market of the Caribbean.

Website: http://www.heirloomfunds.com

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