Proven REIT and SAJE ink new joint venture
PROVEN REIT Limited (PREIT) announced on December 14 that it has joined forces with SAJE Logistics Infrastructure Limited (SAJE) to develop a new warehouse complex in Kingston. The Kingston Gateway Warehouse Complex will sit on just under four acres of land at 221-223 Marcus Garvey Drive. Cost at US$13 million, the development is targeted at the expanding logistics sector, the companies said.
Under the deal, PREIT and SAJE will construct 112,000 sq ft of rentable warehouse space. It is anticipated that Kingston Gateway Warehouse Complex will comprise 21 units.
In a joint release, the companies said the location is prime and “conveniently positioned between downtown Kingston and Newport West with easy access from Spanish Town Road and the Portmore Toll Road.”
The development of the warehouse complex will be the first time that PREIT is venturing into the logistics segment of the market.
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