Transferred 100% of its shareholdings in its St Lucian subsidiary to its Caymanian subsidiary KPREIT (Cayman) Limited

Jamaica-based real estate investment company Kingston Properties Limited is currently undergoing a strategic reorganisation of its group’s structure.

To this extent, Kingston Properties, which is listed on the Jamaica Stock Exchange (JSE) and trades under the name (KPREIT) has transferred 100 per cent of its shareholdings in its St Lucian subsidiary, Kingston Properties (St Lucia) to its wholly owned subsidiary KPREIT (St Lucia) Limited, which was incorporated in St Lucia on December 29, 2021.

This transfer was effected on January 4, 2022.  Additionally, Kingston Properties (St Lucia) Limited was deregistered from the Registrar of Companies in St Lucia on January 4, 2022 and re-domiciled in the Cayman Islands on the same date, with the name changed to KPREIT (Cayman) Limited.

This results in KPREIT (Cayman) Limited being the direct holder of all investment properties located in the Cayman Islands. The JSE has been advised of the  strategic reorganisation, Kingston Properties Limited, which has real estate across the region and in the United States, had another profitable year in 2021 with profits growing by a whopping 393 per cent.

KPREIT, had net profit for the year amounting to US$3.02 million relative to US$612,725 in 2020. Profit before taxation was US$3.10 million, compared to US$597,347 for 2020.

Total comprehensive income for the year ended December 31, 2021 was US$3.02 million whereas total comprehensive income for 2020 was US$612,725. The company has rental income of US$2.98 million, 40 per cent more than the US$2.13 million reported for 2020.

Rental income for the December fourth quarter amounted to US$781,197, up from US$659,906 in 2020. KPREIT has declared a dividend of US$0.0008 payable on April 29, 2022 to shareholders on record as at March 29, 2022.

The ex-dividend date is March 28, 2022. As at December 31, 2021, assets totalled US$50.47 million, 11 per cent more than the US$45.60 million booked as at December 31, 2020.