The Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF) published an updated Request for Qualifications, the “Amended RFQ,” that seeks to identify qualified parties to manage properties owned by the Puerto Rico Industrial Development Company (PRIDCO).

Under the Restructuring Support Agreement of June 13, 2019 between AAFAF, PRIDCO, and a “substantial portion” of the latter’s bondholders, all legal and equitable right, title and interest in and to a portion of its properties will be transferred to NewCo, a subsidiary of PRIDCO.

These efforts will be delegated to an asset manager. In order to qualify, the potential asset manager should be skilled in property management; asset evaluation; property disposition; and property accounting, financial processes, and reporting.

The Amended RFQ was originally posted on AAFAF’s website on August 9, 2019. This document relates to an extension to the submission date to allow interested parties more time to prepare their statement of qualifications. AAFAF is now aiming to receive responses to the Amended RFQ by August 31, 2019.

PRIDCO was established in 1942 to promote the island as an investment destination for companies and industries worldwide.

According to the Amended RFQ, “PRIDCO owns the largest inventory of industrial properties in Puerto Rico, with over 1,560 rentable projects located throughout the island.”

Specifically, PRIDCO owns 1,560 rentable projects, 772 buildings, and 23,982,375 sq. ft. in these buildings.

Source: The Weekly Journal

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