Kingston Properties Limited, KPREIT, is banking on a continuing property boom in the Cayman Islands. The real estate investment trust placed a US$3.13-million bet to that effect last Thursday, when it entered into an agreement with a developer to acquire three of four pre-construction units in a mixed-use industrial development in the Cayman Islands called Gum Tree 5.
The units are slated for completion in another year, in October 2022.
Kingston Properties CEO Kevin Richards said the company had to seal the initial deal or risk missing out, but may end up purchasing the remaining unit in the four-unit complex. The Jamaican company moved swiftly to invest in Gum Tree on the basis of the developer’s track record with another project called Rosedale.
“When we saw how Rosedale was playing out, we decided that we wanted to be a part of what was to happen next. The result is that we edged out quite a few people with a very good offer, buying in bulk,” Richards said, while noting that the developer is yet to make a determination on the remaining unit in Gum Tree.
“He’s trying to make up his mind whether he wants to keep the unit or not, because there is hot demand for warehouse-type units in Cayman,” Richards said.
The Gum Tree complex has 12,600 square feet of space, spread over four units. The three units acquired by Kingston Properties span just under 9,000 square feet.
“Based on the level of demand, we expect the value to be a lot more next year. Buying pre-construction...
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