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.

CEO of PREIT Aisha Campbell commented, “PREIT’s mandate has always been to develop and provide access to both residential and commercial solutions across the Caribbean. We are glad that we could kick off our entrance into logistics.”

The companies indicate that the new warehouse complex will feature advanced technology “on par” with global standards.

The property has access roads into Newport West and grants access to Port Bustamante. It is also described as being close to three major communication hubs, Kingston Wharves Limited, Kingston Freeport Terminal Limited, and Tinson Pen Aerodrome.

“This location will facilitate the organisation of work and optimise the product supply chain for businesses,” the partners stated in their release.

Trevor Riley, group CEO of SAJE, said, “SAJE made a strategic decision to locate its business as a provider of modern infrastructure for the logistics sector.” The partnership with PREIT was described by Riley as, “Our first venture together.”

PREIT, which focuses on residential and commercial real estate locally and internationally, has US$55 million in assets under its portfolio, which includes 109,000 sq feet of fully occupied commercial property.