Centre Re pulls out of BFCL deal

Bermuda Financial Centre Ltd has suffered a major setback with the announcement that the planned major tenant for the office portion of the $150 million project – Centre Reinsurance – may move to a new site being planned by Pearman Watlington.The latest piece of bad news for BFCL, which hopes to develop the site of the former Bermudiana Hotel, came yesterday when PWs announced it had submitted plans to build a retail/office/residential complex at the company’s WaterFront site on Pitts Bay Road.