Kingston Properties Limited (KPREIT) has advised that it has completed the acquisition of two (2) additional properties to the portfolio, bringing the total number of properties held to thirty (30). The Company advised that a total of USD4.5M was spent on the acquisition of both properties which was financed using bank debt from institutions in the US, Jamaica and the Cayman Islands in both USD and JMD. The rates on the USD facilities ranged between 3.25% p.a. and 4% p.a., while the rate on the JMD facility was 9.85% p.a.
KPREIT further stated that the acquisitions have bolstered their strategy of increasing geographic diversification with the addition of a property in the Cayman Islands and a new property in Jamaica, which, the Company explained have rebalanced the portfolio mix as follows: USA 54%; Jamaica 32% and Cayman Islands 14%.
KPREIT further advised that the Company would continue to seek out properties with upside potential in property values as well as properties with stable, hard currency rents in keeping with their mandate to improve shareholder value.