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US$20-m property grab


PROVEN REIT is aiming to acquire US$20 million worth of properties this year.

Locally, the company has already spent US$1 million (J$106 million) to acquire the land, pay for consultation and professional fees for its debut real estate, and will spend another $200 million to build the apartment complex that will feature 31 units on Kingsway that is to break ground next month.

It’s also in the preliminary stages of striking a deal to acquire two more properties — one similar to Kingsway and office space it would build for a major conglomerate.

Published in the Jamaica Observer
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