Kingston Properties sells property

KingstonProperitesREIT280X150Kingston 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.

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  1. […] Kingston Properties (KPREIT) advises that approximately Six Hundred and Fifty Million Dollars was raised from its recent Rights Issue. The Rights Issue which opened on Wednesday, July 22 closed on Friday; August 7, 2015 after an extension by a week. The company stated that there were over one hundred (100) subscribers to the issue. The plan was that the issue would raise at least $954 million from the 136,271,694 units on offer at $7 each. The amount raised more than doubled the issued share capital that was just over 68 million shares, moving it to 160 million units and the overall equity base to $1.5 billion. KPREIT reports currently owning fifteen units in the Miami Loft II condominium building, as well as a nineteen unit residential complex in South Florida and an office and warehouse complex in Jamaica. The company will use the proceeds to pursue expansion plans in various real estate markets in the United States and Caribbean countries. The company is yet to release the second quarter results. For the first quarter, rental income of $25.6 million was recorded versus $25 million in the prior year, with profit before tax of $2.9 million compared to a loss $680,000 in 2014 and total comprehensive income came in at $12.3 million for the March 2015 quarter versus $18.2 million in 2014. […]