Kingston Properties Limited (KPREIT) closed on the acquisition of a 20,000 SF fully tenanted office building in Bristol, United Kingdom today, December 12, 2024. This marks the Group’s first acquisition in the UK and it is part of a strategy of greater geographic diversification. The property is located in the Aztec West Business Park just north of Bristol – the fifth largest city in the UK which attracts players in the aerospace, defence, engineering, financial services, media and environment services industries. KPREIT is bullish on the UK and expects the economy to see growth in 2025 with increased government spending and continuing interest rate cuts.
The sub-urban small office sub sector continues to show resilience and is expected to continue to see growth with the campaign for a return to the office in the UK. The tenants in the building range in services from insurance, shipping, service offices providers and one of the largest suppliers of affordable housing and care in the UK. The rapid growth of the service or flexible office industry since the pandemic signals the direction of the office for the future and bodes well for the continuing demand for office space.
This acquisition was funded using both debt and the proceeds from the sale of units at Tropic Centre in the Cayman Islands and now brings the geographic dispersion of assets to: Cayman Islands (45%), Jamaica (42%), UK (7%) and US (6%).
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Kingston Properties Ltd. published this content on December 12, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on December 12, 2024 at 21:48:06.364.
Kingston Properties Limited is a Jamaica-based real estate investment company. The Company invests in and actively manages real estate properties to generate stable, sustained cash flows and capital appreciation of its properties for the benefit of its shareholders. It specializes in residential, commercial, industrial, and mixed-use developments. Its properties are located in Jamaica, The Cayman Islands, and the United States with tenants spanning residential clients to medium to large-sized companies across industries with local, regional, and international operations. The Companyâs property portfolio includes 6 Duke Street and 8-10 Duke Street, 6 East Ashenheim Road, 232a Spanish Town Road, 591 Spanish Town Road, Grenada Crescent, Red Hills Road, Gum Tree 5, Rosedale Warehouses, Tropic Centre One, Harbor Centre, Polaris at East Point Georgia, Polaris at Camp Creek. The Company’s wholly owned subsidiaries include Kingston Properties Miami LLC, KP Dumfries Limited, and others.
