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The Financial Sector Adjustment Company Limited (FINSAC) owned Oxford Manor Building in Kingston has been sold to the Planning Institute of Jamaica (PIOJ) for $250 million.
Speaking at a Post Cabinet Press briefing at Jamaica House, yesterday (August 9), Minister of Information, Senator Burchell Whiteman informed that Cabinet had approved the sale of the commercial property, which was acquired from Life of Jamaica (LOJ) as part of financial assistance to that institution.
The Minister said that the four-storey office building, which had been on the market for over three years, would become the permanent home of the 50 year-old PIOJ.
Senator Whiteman explained that the PIOJ, which operated from rented premises in New Kingston, would fund the purchase and refurbishing of the property from its internally generated revenues. He noted that funding would not represent a drain on the Consolidated Fund. “This is money that is free and available, it is not a drain on the budget,” he added.