Kingston Properties in 'advanced negotiations' to acquire new properties
Kingston Properties Limited (KPL), which buys real estate condos in Florida and Kingston, are in negotiations for two more properties.
"KPL is currently in advanced negotiations on two separate property acquisitions that will expand its geographic and sub-class diversification programme," said the company in its financial report released on the weekend.
KPL did not reveal the location of the properties.
Currently, the group holds interests in four properties in Miami and one property in Kingston. This represents:15 residential condominiums comprising 12,380 square feet in the Loft II building located at 133 NE 2nd Avenue in downtown Miami, Florida; 5 residential condominiums comprising 5,213 square feet located at 3250 NE 1st Avenue in Miami, Florida; 4 residential condominiums comprising of 4,174 square feet purchased in October 2015, located at 3101 Bayshore, Fort Lauderdale; 3 residential condominiums located at 1750 North Bayshore Drive, Ft Lauderdale; and a 52,012 square feet of commercial property located on Red Hills Road, Kingston, Jamaica.
"We continue to enjoy high occupancy rates at our properties with high credit quality tenants," said the company in its financial report
For the nine months ended September 30, 2016, the group posted profit after-tax and comprehensive income of $131.1 million and $180.0 million, respectively. This compares with losses of $51.0 million and $28.1 million, respectively, reported for the same period last year. Higher rental revenues, net finance income and foreign currency translation gains in 2016 continue to be the primary drivers of this improved performance, said the company.