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Related Buys 50% of Bahamas Property

MIAMI-The 900-acre peninsula known as Lighthouse Point is a joint venture with Meritage.

By Carl Cronan | Updated on April 22, 2009

MIAMI-The Related Group says it has completed a 50% acquisition of an undeveloped 900-acre peninsula on Eleuthra Island in the Bahamas. The locally based luxury real estate investor is part of a joint venture, TRG-Meritage Bahamas LLC, in the property known as Lighthouse Point, on the island’s southernmost tip.

Related partners Jorge Perez and Stephen Ross have prior investment experience in the Bahamas. They were former stakeholders with Sol Kerzner, owner of Atlantis, Paradise Island and One & Only Resorts.

“While real estate values across the Americas have contracted sharply with the global credit crisis, the fact remains that large, undeveloped peninsulas of high-quality beachfront are a very limited natural resource,” Perez stated in a release. “Our stake in this amazing property is a testimony to our long-term outlook on land values in the Caribbean.”

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