THE SALE, at long last, of the Trincity mall – the country’s largest – by CL Financial liquidators ends one aspect of the 2009 bailout saga while also promising important uplift for a key region outside of Port of Spain.
Trincity Commercial Centre was sold to a consortium, which includes John Aboud, Anthony Rahael and contractors Kallco and Fides Ltd in April for approximately $500 million. It had first been cleared for divestment in 2020, but was put up for sale in 2022. A previous bid, by Ansa McAl, was withdrawn in 2023.
The sale is part of a liquidation process managed by David Holukoff and Hugh Dickson of the firm Grant Thorton. Other CL Financial assets due to be sold include five TruValu supermarkets and the Long Circular Mall. The Valpark and Atlantic Plaza malls have already been sold.
Trincity Mall’s new owners intend to revitalise it.
“We have a lot of exciting plans,” said Mr Aboud in an interview on April 15. “We are upgrading it in terms of its facilities. We are also going to be developing the lands surrounding the mall to expand the ecosystem and the environment.”
The entire property includes 53.6 acres of land, 14 acres of undeveloped surface and over 490,000 square feet of leasable commercial space. Once heavily frequented, in more recent years traffic through the premises has waned; tenants have pulled out and the effects of the covid19 pandemic have been profound. But all that is about to change.
“It has been under some pressure for some years, but it is a very good mall – it is well patronised,” said Mr Aboud. “It just needs a little upliftment.”
The mall was established in 1984 with 80 stores on 140,000 square feet of land. At its height, it expanded to having over 300 tenants. Its re-vitalisation could provide a boost to communities along the east-west corridor and add to the signs of commercial growth already evident in the area, with more housing and recreation centres emerging in recent decades.
The nearby East Gates Mall opened in 2022 and is doing brisk business. Trincity Mall’s redevelopment could not only provide competition but also offer greater options and experiences, boosting the number of people flowing to the area and solidifying it as a recreational hub while enhancing its residential profile.
This is a recipe for more local employment, the attraction of even greater investment, the development of linkages with tourism (Piarco is not far away) and the physical regeneration of the area as a whole – feeding decentralisation outside of the capital city.
CL Financial entered involuntary liquidation in 2018 and some lawsuits involving it are reportedly pending, such as matters relating to subsidiary Clico and an energy company sale. Though the Central Bank relinquished emergency control of Clico in 2022, the courts and the state could still be exercised with resolving issues for years to come. The mall sale is a welcomed full stop and, hopefully, the start of another story.
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