VM Investments Limited (VMIL) has today acquired 135,483,871 units of Kingston Properties (KPREIT) shares for a combined consideration of $1,050,000,000. This transaction increases VMIL’s stake in KPREIT to a total of twenty-three per cent (23%), making KPREIT an associate company of VMIL.
This is in line with the VM Group Vision of being a leading Caribbean-based, Member-focused organisation transforming lives by advancing the financial well-being of individuals globally, more specifically by leveraging the collective Real Estate competence embedded within the VM Group.
VMIL expects to benefit from dividend income as well as participation in the strategic direction of KPREIT, going forward. With the acquisition of the additional shares, VMIL’s 23% stake in KPREIT will result in the Company reporting a share of profit.
This acquisition is in line with VMIL’s thrust to expand its real estate investments. The addition of KPREIT to the VMIL portfolio adds significant strength to its balance sheet and enhances its business development capacity. VMIL will now have an opportunity to diversify its real estate investments outside of Jamaica, based on KPREIT’s expansive portfolio in other Caribbean jurisdictions and North America.