This is to advise the Jamaica Stock Exchange, Kingston Properties Limited (KPREIT) shareholders and the general investing public that KPREIT, on October 11, 2021, completed the acquisition of an approximately 1.5-acre property in the Cross Roads area that will be developed to house small bay warehouse units. This continues KPREIT’s thrust to increase its holdings of industrial properties in the jurisdictions in which it operates. The property was acquired for a consideration of J$75 million.
This follows the Group’s recent agreement with a developer in the Cayman Islands to acquire three mixed-use units and last year’s acquisition of an approximately 88,000sf warehouse property in the industrial belt of Kingston, Jamaica.
“There has been a steady rise in the demand for small warehouses and mixed-use properties with the growing trend towards e-commerce and logistics businesses.”
For the six months ended June 30, 2021, KPREIT reported a 59% year on year increase in rental revenue to US$1.4 million, while net profit amounted to US$927,202 in 2021 versus a loss of US$343,397 in the prior year.