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Jamaican Investment Trust acquires stake in Cayman’s Grand Harbour


Kingston Properties Limited (KPREIT), a prominent player in the real estate investment trust sector, has successfully closed a significant deal in the Cayman Islands, marking its fifth acquisition in this lucrative market. CEO Kevin Richards hails this acquisition as a major milestone for the company within the Cayman Islands.

This latest venture sees Kingston Properties acquiring 36 units within Grand Harbour Commercial Centre, along with an adjacent parking facility. While the exact financial details of the transaction remain undisclosed, it is worth noting that this marks the company’s fifth foray into the Cayman Islands, solidifying its presence in the region.

The Grand Harbour Commercial Centre was listed with an asking price of US$21.7 million on CIREBA’s real estate platform. However, CEO Kevin Richards was keen to clarify that the purchase did not encompass the entirety of the property, which is situated on the outskirts of Georgetown, the capital of the Cayman Islands. While specific figures remain undisclosed, Richards revealed that this transaction significantly surpasses the company’s previous investment of US$3.13 million in three commercial units within the Gum Tree 5 mixed-use industrial development. The newly acquired Grand Harbour units, spanning an impressive 37,276 square feet, are currently fully tenanted, a promising aspect of this investment according to Kingston Properties.

Kingston Properties has firmly established itself in the Cayman Islands, which stands as its second-largest market, strategically positioned between Jamaica and the United States. The company’s financial performance reflects this diversification, with revenues of US$982,595 from Jamaica, US$737,370 million from the Cayman Islands, and US$11,465 from the United States for the first half of the year ending in June.

In terms of assets, Kingston Properties boasts a substantial portfolio with US$51.5 million in Jamaica, US$24.7 million in the Cayman Islands, and US$5 million in the United States.

This Cayman Islands acquisition comes shortly after Kingston Properties reported a successful sale of its Dumfries Road property, located in the bustling New Kingston area, resulting in a gain of approximately US$400,000. The company has been actively engaged in acquisitions, primarily focused on Jamaica and the Cayman Islands, and now sets its sights on potential opportunities in the United Kingdom as its next strategic move in the real estate market.

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This piece has been collaboratively written with of AI-driven insights and curated by Fevi Yu, our SEO Content Manager. It has undergone editing and fact-checking by a Cayman Business and Leisure Editor-At-Large, who is also a resident of the Cayman Islands. Should you have any inquiries, require clarifications, or seek additional information, we invite you to contact us at