KPREIT enters UK market with $21-m CIBC-backed acquisition

Kingston Properties Restricted (KPREIT) has refinanced its mortgage services within the Cayman Islands and elevated whole borrowings to amass a 20,000-square-foot workplace constructing in Bristol, UK.

The Aztec West Enterprise Park property, absolutely tenanted, marks KPREIT’s first foray into the UK market, aligning with its strategic imaginative and prescient of increasing geographically and diversifying its funding portfolio.

KPREIT’s UK entry displays confidence within the nation’s financial outlook, pushed by projected progress in 2025 from elevated authorities spending and anticipated rate of interest cuts.

CIBC Caribbean supplied a US$21-million senior secured time period facility to KPREIT (Cayman) Restricted, refinancing current debt and funding the UK acquisition.

The ability decreased group-wide funding prices, elevated borrowings, and maintained prudent leverage ratios. As of December 2024, group whole debt was 39 per cent of whole property, and whole debt to fairness was 65 per cent.

Kevin Richards, CEO of Kingston Properties Restricted, stated, “We’re thrilled to associate with CIBC in executing our progress technique, notably as we enter the UK market.”

Annique Dawkins, affiliate director company banking at CIBC Caribbean Jamaica, added, “This enterprise demonstrates how strategic investments can create vital worth and drive progress in rising markets.”

Gillian Charles Gollop, govt director, company banking and sustainable finance, CIBC Caribbean, stated, “This transaction highlights KPREIT’s forward-thinking strategy and CIBC Caribbean’s potential to ship progressive financing options.”

Gemel Sobers, director, company banking at CIBC Caribbean Cayman, famous, “The acquisition demonstrates KPREIT’s progress technique and monetary efficiency. We’re happy to help this transaction and supply aggressive refinancing options.”