Kingston Wharves Signs 20-year Deal with PriceSmart  

• Kingston Wharves Limited (KWL) has signed a 20-year deal with international club shopping company PriceSmart. The arrangement allows PriceSmart to enter a new lease to occupy a portion of KWL's 300,000-square-foot, Integrated Modular Logistics Complex at Ashenheim Road.
• The first phase of the complex is under construction and set for completion in the first quarter of 2024. PriceSmart will have access to the facility at the end of 2023 to complete its build-out.
• The agreement with PriceSmart represents a guaranteed 10-year lease arrangement, with the option of renewal in two five-year increments.
• Kingston Wharves’ CEO Mark Williams says this represents a strengthening of the company's ability to take on nearshoring opportunities. The completed facility will bring KWL's logistics and warehousing capacity to more than 600,000 square feet.
• With PriceSmart being a global brand, a partnership of this magnitude will establish KWL and by extension Jamaica as a more desirable nearshoring destination. Considering this, it could position KWL to take advantage of logistics opportunities that may arise. The logistics market was valued at about US$9.96Trn in 2022 and is expected to reach about US$14.37Trn by 2028. This has the potential to become a key driver of both top and bottom-line growth for KWL going forward.

(Source: RJR)