KPREIT Enters Agreement To Acquire Commercial Units In The Cayman Islands
- Kingston Properties Limited (KPREIT) entered into an agreement to acquire 3 of four 4 pre-construction units in a mixed-use industrial development in the Cayman Islands called Gum Tree 5.
- The units are slated for completion in October 2022 and are being acquired for a consideration of approximately US$3.13Mn. KPREIT has an option to acquire the fourth unit at the completion date.
- Once completed and acquired, this will likely add to the company’s book value per share which was US$0.046 (J$6.86) at the end of June 2021.
- The stock has appreciated by 18.0% since the start of 2021 and currently trades at approximately 25% above its book value at $8.56.
(Source: JSE & NCBCM Research)