KPREIT Acquires second property on Spanish Town Road
This is to advise the Jamaica Stock Exchange, Kingston Properties Limited (KPREIT) shareholders and the general investing public that KPREIT, on December 17, 2021, completed the acquisition of an approximately 2.7-acre property on Spanish Town Road in Jamaica with approximately 23,000 S.F. of warehouse and office space to be leased. The property was acquired for a consideration of J$215 million.
This marks KPREIT’s second acquisition on Spanish Town Road, a main thoroughfare for industry and commerce in Jamaica and also marks the Group’s fourth acquisition for 2021. The thrust remains to acquire more properties in the industrial and warehousing space, driven largely by the growth in e-commerce and logistics businesses over the last few years.
Also on December 17, the Group disposed of the last unit held in the Loft II Condominiums in Miami, Florida. During the fourth quarter of 2021, a total of three (3) condo units at the Loft II were sold for a total consideration of US$888,000. The Miami Realtors Association reported that median sales prices for condos and townhouses in Miami-Dade and Broward counties increased by 22% and 21% respectively year on year as at October 2021.
For the nine months ended September 30, 2021, KPREIT reported a 50% year on year increase in rental revenue to US$2.2 million, while net profit amounted to approximately US$1.4 million in 2021 versus a profit of US$70,154 in the prior year. Read more