GRAND CAYMAN, CAYMAN ISLANDS, June 08, 2011 /24-7PressRelease/ -- Heirloom Fund Management Ltd., manager of the Heirloom Caribbean Real Estate Fund (HCREF), is pleased to announce that it has entered into a joint venture partnership agreement with Stanhope Shepherd Ltd. HCREF will provide up to USD $50 million in debt and equity financing for the development of the Harbour Island Residences in Jolly Harbour, Antigua.

At the sod turning ceremony held last week, Antiguan Prime Minister Baldwin Spencer stated that this major project has the full support and backing of the Government of Antigua. Harbour Island is a 33 acre man-made island situated in the centre of Jolly Harbour located on the South West Coast of Antigua within the parish of St Mary's South. The property is exactly one mile around with well planned operational infrastructure of roads, water, sewers and underground utilities already installed. The property is currently valued in excess of $14,000,000 USD.