Real estate investment firm Kingston Properties Limited (KPREIT) said it has completed the purchase of two buildings in Jamaica’s capital.

“Kingston Properties Limited (KPREIT) on Wednesday, August 21, closed on the acquisition of two buildings located at 6 Duke Street and 8-10 Duke Street in Kingston, Jamaica. The acquisition was done on a sale and leaseback arrangement with Victoria Mutual Building Society and its affiliate VM Real Estate Holdings Limited,” the company shared in a notice on the Jamaica Stock Exchange.

Both buildings, comprising less than 60,000 square feet, are fully leased and should generate rental income for the company.

KPREIT further disclosed that it has sold four commercial units held at the Tropic Centre in the Cayman Islands.

“This brings to a total of nine units closed to date with the final commercial unit currently under contract and is expected to close in September,” it said.

As a result of the acquisition of the Duke Street properties in Jamaica and the sale of the units at Tropic Centre in Cayman, the KPREIT’s portfolio in the Cayman Islands now represent 49.6 per cent of its total holdings while the Jamaica’s has 43.5 per cent of properties.