KP announces real estate purchase

Kingston Properties Limited has advised that it has signed a definitive agreement with Henkel Jamaica Limited to purchase the properties located at 36-38 Red Hills Road, near the intersection of Eastwood Park Road and Red Hills Road.

The property consists of 47,865 square feet of office and warehouse space across multiple buildings. Henkel Jamaica has also agreed to lease roughly 46% of the space with the primary balance of the remaining space rented to strong local and international corporate tenants. For competitive reasons, the price is withheld until the close of the transaction which Kingston Properties expects to be by the end of July, 2011.