Kingston Properties Limited (KPREIT) is set to acquire three of four pre-construction units in a mixed-use industrial development in the Cayman Islands called Gum Tree 5.
“The acquisition of these units is a part of our strategic plan to diversify our holdings in different jurisdictions and our thrust to increase our holdings in industrial properties,” said Kevin Richards, CEO of Kingston Properties.
Richards noted that KPREIT, in 2019, established three strategic imperatives, one of which was to increase the square footage under ownership or management to one million square feet.
"This acquisition just took us a step closer," the CEO said.
This is the second mixed-use industrial property acquisition by KPREIT in the Cayman Islands and the fourth property purchase in that jurisdiction over the last five years.
“With the growth in e-commerce in recent years and the surge in demand for goods during lockdown periods, there has been a steep rise in the demand for warehouse and mixed-use properties globally and especially in Cayman Island,” Richards said. KPREIT has an option to acquire the fourth unit at the completion date.
The units in Cayman are slated for completion in October 2022 and are being acquired for a consideration of approximately US$3.13 million. KPREIT said it also has an option to acquire the fourth unit at the completion date.
KPREIT’s property portfolio is now spread across the United States, Jamaica, and the Cayman Islands and includes residential and...
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