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Case Study

Largest fee-simple development land transaction in recent Bermuda history

​During the economic meltdown of 2008, funding for a new hotel in Bermuda ceased and work stopped on the demolition, leaving unpaid workers, a concerned government, and the site in an undesirable state.  

Before launching a complicated foreclosure process, the lender, a large U.S.-based financial institution turned to JLL for advice on selling the 32-acre parcel of land.  

JLL took control: We managed completion of the demolition and cleanup, executed payment of outstanding balances to local businesses and professionals, engaged the Government of Bermuda to garner support for the disposition effort, and then marketed the land parcel internationally.

The marketing team leveraged the rare allowance of land entitlements issued—allowing for a hotel and 88 residential units, half of which may be sold to non-Bermudians—in marketing materials which would raise the value of the land. A competitive bidding was produced with over 450 interested parties and 120 signing confidentiality agreements.    

A buyer was selected, and the transaction closed quickly and cleanly in March 2013 to a U.K. private equity group.

Learn more about our capital markets services and land investment expertise or contact Scott Cullen to discuss your challenging land needs.

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