Kingston Properties Limited (KPREIT) Acquires Duke Street Properties

• Kingston Properties Limited (KPREIT) closed on Wednesday, August 21, on the acquisition of two buildings located at 6 Duke Street and 8-10 Duke Street in Kingston, Jamaica. The acquisition was done on a sale and leaseback arrangement with Victoria Mutual Building Society and its affiliate VM Real Estate Holdings Limited.
• The buildings encompass a total area of just under 60,000 square feet and are currently fully leased.
• Furthermore, KPREIT has concluded the sale of four more commercial units at the Tropic Centre in the Cayman Islands out of a total of ten. This transaction increases the number of units sold to nine, with the sale of the last unit anticipated to be finalised in September.
• Following the acquisition of properties on Duke Street in Jamaica and the sale of units at Tropic Centre in Cayman, the Group's assets in the Cayman Islands now constitute 49.6% of the overall portfolio, whereas the holdings in Jamaica account for 43.5%.
• With these recent developments, KPREIT is poised to achieve its medium-term goal of managing US$100Mn in assets and generating over US$2Mn annually in Funds From Operations (FFO). The trust is also exploring global market opportunities, having established a subsidiary in the UK as part of its strategy to broaden its geographical presence.

 (Sources: JSE and NCBCM Research)