Kingston Properties Limited (JSE Symbol: KPREIT) has completed the acquisition of an 88,000 SF warehouse property on just under four (4) acres of land in Kingston’s Industrial belt. The purchase was funded from cash resources for a consideration of $607.5 million on a sale and leaseback basis. KPREIT CEO, Kevin Richards says that the purchase is in keeping with the Company’s strategic objective to achieve a target of 1,000,000 square feet owned and under management by 2022. He further added that the property was purchased at a significant discount to replacement cost which augurs well for future capital appreciation.
The acquired property is located on East Ashenheim Road and has moved the concentration of assets in Jamaica to 47% with the Cayman Islands and the US at 41% and 12% respectively.