Real estate investment ompany, Kingston Properties Limited is reporting that its recently closed additional public offering (APO), which aimed to raise J$1.5 billion, has surpassed its target.

The offer, which was extended by four weeks and closed on June 10, received more than 2,500 applications and raised J$1.552 billion.

According to the company’s CEO, Kevin Richards, “the success of this offer is further evidence of the confidence that the investing community has in the company and our vision”.

Said Richards: “We decided to extend the deadline of this offer as several institutional investors indicated that they required additional time to complete their analysis and approval processes, which in the end, resulted in the offer being slightly oversubscribed.”

Notwithstanding this, Richards indicated that all applicants will receive 100 per cent of their allocation.

The invitation, which opened on April 19, offered 200,000,000 new ordinary shares with the ability to upsize to a maximum of 300,000,000 new ordinary shares at a subscription price of J$7.50.

The CEO disclosed that this raise, coupled with the acquisitions of 2021, will prove critical to achieving its strategic targets.

“In addition to repaying the $700-million bridge loan that we secured last year, we have two very significant deals in the pipeline that we will be deploying a portion of the funds raised to closing,” said Richards.

He added: “This will bring us even closer to our strategic goal of having one million square feet of real estate under management or ownership.”

READ: KPREIT seeks $1.5 billion in additional public offering, targets $10 billion in equity