From left: Annique Dawkins, associate director, CIBC Caribbean Jamaica; Kevin Richards, CEO, Kingston Properties Limited (KPREIT); Gemel Sobers, director corporate banking, CIBC Caribbean Cayman; Gillian Charles-Gollop, executive director, corporate banking and sustainable finance, CIBC Caribbean Regional Office; (standing) Andray Francis, CFO, KPREIT, and Denise Rose Seivwright, senior corporate manager, CIBC Caribbean, Jamaica, at the signing of the financing agreement at the bank’s New Kingston headquarters recently.
February 14, 2025
Kingston Properties Limited (KPREIT) has refinanced its loan facilities in the Cayman Islands and increased total borrowings to acquire a 20,000-square-foot office building in Bristol, UK.
The Aztec West Business Park property, fully tenanted, marks KPREIT’s first foray into the UK market, aligning with its strategic vision of expanding geographically and diversifying its investment portfolio.
KPREIT’s UK entry reflects confidence in the country’s economic outlook, driven by projected growth in 2025 from increased government spending and anticipated interest rate cuts.
CIBC Caribbean provided a US$21-million senior secured term facility to KPREIT (Cayman) Limited, refinancing existing debt and funding the UK acquisition.
The facility reduced group-wide funding costs, increased borrowings, and maintained prudent leverage ratios. As of December 2024, group total debt was 39 per cent of total assets, and total debt to equity was 65 per cent.
Kevin Richards, CEO of Kingston Properties Limited, said, “We’re thrilled to partner with CIBC in executing our growth strategy, particularly as we enter the UK market.”
Annique Dawkins, associate director corporate banking at CIBC Caribbean Jamaica, added, “This venture demonstrates how strategic investments can create significant value and drive growth in emerging markets.”
Gillian Charles Gollop, executive director, corporate banking and sustainable finance, CIBC Caribbean, said, “This transaction highlights KPREIT’s forward-thinking approach and CIBC Caribbean’s ability to deliver innovative financing solutions.”
Gemel Sobers, director, corporate banking at CIBC Caribbean Cayman, noted, “The acquisition demonstrates KPREIT’s growth strategy and financial performance. We’re pleased to support this transaction and offer competitive refinancing solutions.”
