Grenreal Property Corporation Limited ("Grenreal" or the "Company") (ECSE: GPCL) has released its interim financial statements for the third Quarter of 2009. The figures show continued optimism by the Grenreal management and also reflect a significant infrastructural improvement which is expected to boost rental income.

Grenreal financial statements show that the company’s liquidity position was still “a bit tight” due to two main factors. Increased vacancies caused by new construction, as well as the impact of the global economic crisis on the business of some tenants. This has resulted in lower rental income. As a result there is a substantial increase in the amount of outstanding rental income from average half month in 2008 to a full month in in September 2009 .Rent collection procedures subsequently have been tightened.

However, the company ensures that the liquidity position will improve starting in the fourth quarter. The completion of the new interconnection building linking the Jan Bosch Building and Esplanade Mall is expected to boost rental income significantly. Already more than eighty percent of the new commercial space created by this interconnection has been rented. Furthermore, the new interconnection is expected to boost the sales of tenants occupying the Jan Bosch Building as it is now easier for cruise passengers to access. Overall vacancy is less than 5%

This area new area was built on time and on budget with no cost overruns. The construction was financed by an own cash and a increase of the present bank loan of EC 3.3 million. Therefore capital resources as well as the positive cash flow of the company are sufficient to cover its obligations.

According to Grenreal CEO Dick Van Dijk the new construction demonstrates Grenreal’s confidence in the Grenadian economy. “We have invested in new commercial space because we have every confidence in the strength and resilience of the Grenadian economy. We believe that this is the right time to invest and Grenreal will continue to work with its shareholders, tenants, government and other interested parties to create the region’s premier cruise shopping experience.”

Grenreal is also encouraged by the start of the 2009-2010 cruise tourism season and anticipates tremendous increase in commercial activity as the season gets fully going. Visitor arrivals in 2009-2010 are not expected to decline as compared to the 2008-2009 season.