Kingston Properties’ APO oversubscribed | Loop Jamaica

The content originally appeared on: Jamaica News | Loop News

Real Estate investment company, Kingston Properties Limited has surpassed its target of raising $1.5 billion in its latest additional public offering (APO) which closed on Friday, June 10, 2022.

The offer, which was extended by four weeks, received over 2,500 applications and raised $1.552 billion.

“The success of this offer is further evidence of the confidence that the investing community has in the company and our vision. We decided to extend the deadline of this offer as several institutional investors indicated that they required additional time to complete their analysis and approval processes, which in the end, resulted in the offer being slightly oversubscribed,” said Kevin Richards, CEO of Kingston Properties Limited.

According to the CEO, this raise, coupled with the acquisitions of 2021, will prove critical to achieving its strategic targets.

“In addition to repaying the $700-million bridge loan that we secured last year, we have two very significant deals in the pipeline that we will be deploying a portion of the funds raised to closing. This will bring us even closer to our strategic goal of having one million square feet of real estate under management or ownership.”

The invitation, which opened on April 19, offered 200,000,000 new ordinary shares with the ability to upsize to a maximum of 300,000,000 new ordinary shares at a subscription price of J$7.50. Richards indicated that all applicants will receive 100 per cent of their allocation.

“On behalf of the board and team at Kingston Properties Limited, we want to thank all who subscribed to the invitation, the lead broker and arranger, VM Wealth Management Limited and all selling agents for another successful raise,” Richards said.