Sagicor Real Estate X Fund Limited reported a slippage in net profit by two per cent at half-year quarter ending June, relative to last year.

But CEO Brenda-Lee Martin says the company expected improved results going forward, arising from the Playa deal that was concluded in June.

The company has also shed half of its near $22 billion debt load using cash acquired from the resort deal.

Playa Hotels and Resort NV has acquired the Hilton Rose Hall Resort and Spa, three of the Jewel hotels, part of the Jewel Grande as well as lands that were owned by the Sigma Real Estate Portfolio. And Sagicor Group, which held the properties through different vehicles, including X Fund, got 20 million Playa shares and US$100 million in cash under the deal that was valued overall at $39 billion.

The sale affected a year over year comparison, but Martin told the Financial Gleaner that X Fund expected to reap returns from its Play holdings as well as the Doubletree Orlando Hotel, which X Fund continues to own. Playa shares traded at US$10.35 per unit on Monday on the Nasdaq.

Sagicor X Fund also owns units in Sagicor Sigma Real Estate Fund which is now invested primarily in Jamaican non-hotel commercial real estate; units in the Jewel Grande, formerly known as Palmyra; and some Playa shares.

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