CYM | Sep 19, 2023

KPREIT closes on major Caymanian real estate

/ Our Today

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Harbour Centre, a multi-story office building on North Church Street in George Town in the Cayman Islands. Kingston Properties Limited (KPREIT) acquired Harbour Centre, a multi-story office building, it’s third acquisition in the British overseas territory since January 2017. The property was acquired for a consideration of approximately US$10.7 million, making it the single largest acquisition by KPREIT in its 12-year history.

Kingston Properties Limited (KPREIT) today closed on the acquisition of 36 commercial units in the Grand Harbour Commercial Centre (GHCC), along with an adjoining parking lot.

This marks KPREIT’s fifth and largest investment in the Cayman Islands, where per capita income stands at US$88,476 (2021), according to the World Bank. This latest real estate acquisition measures 37,276 square feet in total.

The GHCC is located in Prospect, one of the fastest growing communities in the Cayman Islands, and is located at a key intersection connecting the western part of the island to the eastern region.

The units bought are fully tenanted and occupied by a variety of outlets, ranging from education facilities, restaurants, hospitality and medical service providers, a supermarket, and consultancies.

Kevin Richards, CEO of KPREIT. (Photo: Facebook @KingstonProperties)

KPREIT says the commercial centre sits on 6.9 acres of land and KPREIT will hold control over the majority of strata. Two weeks ago, KPREIT announced that it has sold its property at 7 Dumfries Road in Kingston, making a handsome profit in return.

The property in question was acquired in March 2021 for a consideration of US$1.2 million, and was sold for a consideration of approximately US$1.6 million net of transactions costs.


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