Kingston Properties Limited (KPREIT) has advised that it has recently engaged bankers both locally and overseas to secure financing for its programme of property acquisitions going forward. A total of US$4.5 million has been approved and available for deployment in the local, regional and international markets in keeping with KPREIT`s diversification strategy.
In addition, KPREIT recently closed on the acquisition of three condo units at Opera Tower in the Downtown Miami area as part of the 1031 Exchange programme in the US. The 1031 Exchange programme allows property owners to defer capital gains tax when the registered property is sold. The acquisition now brings the total number of residential units held by KPREIT to twenty-seven (27).