Kingston Properties sold its office and warehouse property located at 83 Hagley Park Road effective January 6, 2015 for approximately Two Hundred and Thirty Million Dollars ($230 million). The property was sold to Medical Disposables & Supplies a junior market listed company.
“Net proceeds of the sale are expected to be invested in other properties. Over the five years holding period, Total Return which includes annual cash yield and capital appreciation, net of transactions costs was 13.2% annually,” the company said in a release to the Jamaica Stock Exchange.
Kingston Properties is primarily involved in the ownership and rental of commercial properties in the Kingston area and residential units in Miami. The company reported rental income of $77.4 million up from $66.6 million in the nine months to September 2013 and net profit of $4.5 million.