

Durrant Pate/Contributor
Kingston Properties has completed its acquisition of another piece of property in downtown Kingston for an undetermined sum of money, thereby increasing its property holdings in the bustling town centre.
The property in question is located on East Street and has been bought on a sale and leaseback arrangement. The property is currently used as a parking lot that services the occupants of two buildings currently owned by Kingston Properties on Duke Street.
In August this year, Kingston Properties, which is a property management and development company, acquired these two buildings at 6 Duke Street and 8-10 Duke Street in Kingston through a sale and leaseback arrangement with Victoria Mutual Building Society (VMBS) and its affiliate VM Real Estate Holdings Limited.
These two properties totalling nearly 60,000 square feet have bolstered Kingston Properties’ local market presence, raising its Jamaican holdings at that time to 43.5% of its total portfolio. The properties are fully leased with 6 Duke Street serving as KPMG’s office and 8-10 Duke Street housing VMBS’s downtown branch.
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