Real estate investment company Kingston Properties Limited (KPREIT) completed the acquisition of an approximately 1.5-acre property in the Cross Roads area of St Andrew, which it says will be developed for use as small bay warehouse units. 

In a statement on Monday (October 18), Kingston Properties indicated that the acquisition was finalised on October 11, and 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 88,000 [squared feet] 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,” said Kevin Richards, Chief Executive Officer of Kingston Properties Limited. 

For the six months ended June 30, 2021, KPREIT reported a 59 per cent 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.