PROVIDENCIALES, TURKS & CAICOS (AUGUST 1, 2024) – Andaz Turks & Caicos Residences at Grace Bay announces today an investment from The Turks and Caicos Islands National Wealth Fund in collaboration with Vista Development Inc., the developer of Andaz Turks & Caicos, representing the fund’s first real estate investment with the acquisition of one Andaz Turks & Caicos studio residence.
“Aligning with our strong ties to the Turks and Caicos community, the National Wealth Fund and its investment in Andaz Turks & Caicos demonstrates the project’s ability to foster economic resilience, social development and strategic investments,” says Andaz Turks & Caicos project developer Matt McDonald, co-founder of Vista Development, Ltd. “Vista Development is honored to be selected for this investment initiative.”
Established in 2018 by the Turks and Caicos Islands National Wealth Fund Ordinance, the National Wealth Fund is dedicated to prudently and sustainably managing the nation’s financial resources to enhance long-term economic stability and prosperity. The three goals of the Fund are to save and invest surplus revenues to generate an alternate stream of income; to undertake large-scale infrastructure investments; and to provide for economic stabilization in the event of an external shock or natural disaster.
“The National Wealth Fund, through its Board of Directors, worked in collaboration with Vista Development to diligently and meticulously vet the project to ensure the investment met the core criteria established by the fund,” remarks Paul Pirie, Chairman of the Board of the TCI National Wealth Fund. “Together we established favorable pricing, and structured an economic framework that would meet the fund’s specific needs. We’re optimistic about the momentum this first investment will bring to the fund and the contribution it will make to our shared objectives.”
For more information on Andaz Turks & Caicos, please visit www.andaztcresidences.com.
