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  • 1 year ago
The search for buyers for two of CL Financials’ prized assets—the Tru Valu supermarket chain and long circular mall—has officially begun.


Vishanna Phagoo tells us more in our Inside Business segment.

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Transcript
00:00Two major investments owned by Ciel Financial, Long Circular Mall and the True Value supermarket
00:16chain are now up for sale.
00:19The sale process for both assets was approved by the High Court on September 11 last year.
00:25And less than four months later, the search for buyers is in full swing.
00:30True Value is a supermarket chain that operates five locations across Trinidad – Dago Martin,
00:35San Juan, File Park Plaza, Trinity Mall and Long Circular Mall.
00:40Together, these supermarkets span a total of 183,000 square feet.
00:46Its Trinity Mall location was recently expanded to 65,000 square feet, making it the largest
00:52supermarket in the country.
00:54According to joint liquidators, the locations of True Value stores in high-traffic areas
01:00have made it one of the most visible supermarket chains in the country.
01:04One of those locations is Long Circular Mall, itself up for sale.
01:09Described as a long-standing icon in the local retail landscape by liquidators, Long Circular
01:14Mall is owned and operated by Plaza Development Ltd.
01:19The mall boasts 130 commercial units with a total gross leasable area of 173,000 square
01:28feet spread across five levels.
01:31It currently has an occupancy rate of 82% and offers 455 secured parking spaces.
01:39Also on the market is Trinity Mall.
01:42After Ansem Akal, which was previously named the preferred bidder in 2023, withdrew from
01:48the transaction.
01:50The joint liquidators at Grand Thornton have identified Trinity Mall as their top priority
01:56for the next six months.
01:58Previously, the CL Financial Group had sold other prime real estate assets, including
02:04Val Park Shopping Plaza and Atlantic Plaza.
02:08This is Vishana Pargu reporting for InsideBusiness.
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