Jamaica: VMIL – Victoria Mutual Investment Limited has signed a death worth of $ 700 million with KPREIT – Kingston Properties Limited as a form loan of a thirteen-month-old bridge in order to complete the expansion of its property portfolio.
On signing this deal, assistant vice-president, corporate finance, Victoria Mutual Wealth Management Limited – VMWM – Dwight Jackson stated that “This financing solution adjusts well with the VMIL’s and VMWM’s strategic goal of providing solutions which fit its clients’ unique requirements.”
He added, “As a part of the overall pressure of the business, we strive to provide financial solutions that allow our clients to take full benefit of opportunities to fine-tune their business and for the expansion of their plans.”
“In a congested market, we distinguish ourselves by understanding our clients’ business and using this knowledge to structure financial solutions that can be leveraged to give an increased return on investment. That is supreme to us, and this is considered in every step of the process we administer,” Jackson stated.
The CEO of Kingston Properties Limited further asserted, “This series of financing would allow us to proceed to expand our portfolio, mainly in the geographic regions that we have been operating in the last four years and the department follows the company’s 2019 rights issue, also brokered by VM Wealth Management, which has raised – $2 billion.”
Kevin also noted that KPREIT is also looking to expand its investment in industrial properties in the upcoming few years, and this fundraising drive is in line with the purpose of the company to exponentially grow the business via increasing its assets to $10 billion and to improve the footprint of properties under its ownership and management to one million square feet by the year of 2023.