Kingston Properties Limited (KPREIT) has advised that it has just completed the acquisition of property at 7 Dumfries Road in New Kingston.
Without disclosing the cost of the acquisition, the company said it purchased the property on a sale and leaseback arrangement with plans for future development.
According to KPREIT, the new property is located in proximity to its multi-story office building at the corner of Grenada Crescent and Dumfries Road.
The property adds to the company’s Jamaican portfolio, which includes an 88,000-square-foot, value-added industrial property close to the Port of Kingston, which it acquired in 2020.
KPREIT now has 10 properties, several of which are multi-unit, spread across Jamaica, the Cayman Islands, and Miami in the United States. They include both residential and commercial properties.
Within the past 12 months, the company added a fully tenanted office building in Georgetown, Cayman Islands, to its portfolio. By next year it hopes to increase its equity to J$10 billion and have one million square feet of property under management or control.
In 2020, KPRIET indicated it maintained occupancy levels at its properties in excess of 90 per cent.
However, the company has been reducing its Miami condo portfolio in order to eliminate debt with bankers in the US and increase cash holdings for new property acquisitions or distribution to shareholders.
Directors have indicated that the company will also be returning to the capital markets in 2021 to finance future expansion.