APS lends IGY Marinas USD 16 million for expansion

CAYHILL -- Algemeen Pensioenfonds Sint Maarten (APS) and IGY Marinas agreed on the terms of a loan for the Yacht Club at Isle de Sol (IDS) in Simpson Bay. The loan will enable IDS to increase their clientele, complete the restaurant enhancement project in the marina, and refinance existing agreements to more favorable conditions. It is the first time APS has invested in the yachting industry. IGY Marinas is the largest international marina network in the Caribbean and services approximately 20% of the megayachts worldwide. Hop-Inn, IDS’ operating company, has a proven record of financial stability, and IGY as a parent company provides extra security as a guarantor. “We welcome the opportunity to add this investment to our local portfolio, which currently contains six vital and financially healthy projects on Sint Maarten. The yachting industry is of pivotal economic importance to Sint Maarten and we take enormous pride in this contribution to an important branch of our tourism product,” said APS Director Nadya Croes-Van Putten. “IGY is very excited to be working with APS and proud that they have chosen to partner with Yacht Club Isle de Sol as a first investment in the yachting sector. APS’ support of the yachting sector is an extremely important step towards ensuring that the marine industry and marine trades on St. Maarten continue to thrive”, said Brian Deher, Regional Director Caribbean and Central America for IGY Marinas. [caption:] APS Director Nadya Croes-Van Putten (right) and Brian Deher (left), IGY Regional Director Caribbean and Central America, sign loan agreement with notary Luz-Marie Tuitt (middle) at Notary Boekhoudt.