(CMR) Jamaican company Kingston Properties Limited announced that it has purchased 36 units in the Grand Harbour Commercial Centre along with an adjoining parking lot.
Kingston Properties CEO Kevin Richards explained that his company did not purchase the entire property. This is the fifth and largest property acquired by Kingston Properties Limited in the Cayman Islands.
“We did not purchase the surrounding vacant lots, but as part of the deal, we have the option to develop the parking. If we decide to develop the parking lot, we have the options to explore underground or other types of parking arrangements,” Richards told the Financial Gleaner.
According to the Gleaner, the Cayman Islands is the second-largest market for Kingston Properties. As of June, Kingston Properties revenue was US$982,595 from Jamaica, US$737,370 million from the Cayman Islands, and US$11,465 from the United States.
Its assets in each market was US$51.5 million for Jamaica, US$24.7 million for Cayman, and US$5 million for the US.
The Gleaner also reported that the company has been in acquisition for some time, mainly focused on Jamaica and Cayman, but it is next looking to enter the United Kingdom.
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