Kingston Properties has completed the acquisition of an 88,000 square feet warehouse property on four acres of land on East Ashenheim Road in Kingston.
The purchase was funded from cash resources.
The deal is estimated at $607.5 million on a sale and leaseback basis.
Kingston Properties says the purchase is in keeping with its objective to achieve a target of one million square feet owned and under management by 2022.
It says the property was purchased at a significant discount to replacement cost and this augurs well for future capital appreciation.