Bermuda Financial Centre Ltd.

First Bermuda Securities sues Gordon Capital over BFCL

October 12, 1995

Investment firm First Bermuda Securities Ltd. is suing a former business partner for $791,668 in alleged unpaid commissions stemming from the Bermuda Financial Centre Ltd. project.FBS filed a lawsuit yesterday at Bermuda Supreme Court against Gordon Capital Corporation, of Toronto.

BFCL’s fate hangs in the balance

September 5, 1995

Investors in Bermuda Financial Centre Ltd., which has been attempting to finance a planned $138 million hotel/office/residences project, should know within two months whether the company will succeed or fail, we have been told. The next announcement from BFCL to its investors is likely to be whether the project has succeeded in raising at least $58.7 million for the office part of the complex or failed, according to sources involved with the project.

BFCL reaches make of break point

September 5, 1995

Investors in Bermuda Financial Centre Ltd., which has been attempting to finance a planned $138 million hotel/office/residences project, should know within two months whether the company will succeed or fail, we have been told. The next announcement from BFCL to its investors is likely to be whether the project has succeeded in raising at least $58.7 million for the office part of the complex or failed, according to sources involved with the project.

Centre Re pulls out of BFCL deal

June 8, 1995

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.

BFCL tries to pre-lease 70 per cent of office space

May 4, 1995

The Bermuda Financial Centre Ltd development in Hamilton will go ahead as planned if the company can pre-lease 70 per cent of the project's office space, BFCL's president Mike Winfield us yesterday. Raising enough debt and equity to build the $82.5 million office space/luxury residences phase of the project no longer appears to be a problem, providing the lease commitments for the office space can be put into place.

Commercial office space squeeze in Hamilton, Bermuda

November 30, 1994

Since 1979, office space within Hamilton has doubled from one million square feet to two million square feet, according to a report prepared for the Bermuda Financial Centre Ltd project by accounting firm Coopers & Lybrand (Bahrain). Most of the new space, however, is not plush enough for Bermuda's international companies and "there is an acute shortage of primary, Class A space", said C&L. Businessmen and real estate agents explain how serious the problem really is.

BFCL – confidential report outlines projections

November 24, 1994

The Bermuda Financial Centre Ltd, including the hotel and apartment section, would make an estimated profit of $14.5 million by 1997 rising to $20.4 million ten years later, according to projections in a report prepared by accounting firm Coopers & Lybrand (Bahrain). And return on equity was forecast to be minus 7.96 per cent for both 1995 and 1996 but improving to 20.99 percent, 33.7 per cent, 16.66 per cent and 29.58 per cent in 1997-99 and 2007, respectively. 

BFCL management contract could change hands

November 24, 1994

The multi-million dollar contract to manage the Bermuda Financial Centre Ltd project may soon be up for grabs. Winworth Ltd, which is owned by Mike Winfield, Heather Robinson and Fraser Butterworth, is on the verge of giving up the contract, we have been told.