Kingston Properties has successfully refinanced its loan facilities in the Cayman Islands and upsized total borrowings to acquire a 20,000-square-foot, fully tenanted office building in the Aztec West Business Park in Bristol, United Kingdom.
The group says this milestone acquisition marks the first entry into the UK market and aligns with its strategic vision of expanding its geographic footprint and diversifying its investment portfolio.
KPREIT says its move into the UK reflects confidence in the country's economic outlook, with projected growth in 2025 driven by increased government spending and anticipated interest rate cuts.
The acquisition was supported by a senior secured term facility totalling US$21 million provided to KPREIT (Cayman) Limited, a member of the Kingston Properties Group, by CIBC Caribbean.
The facility was used to refinance the existing term debt held with another financial institution, which was originally used to finance commercial property acquisitions by the group and new financing to fund the acquisition of the Aztec West property in the UK.
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