KINGSTON Properties Limited (KPREIT) has restarted work on its previously announced capital raise and hopes to return to the market before the end of the year, as the real estate company looks to rely less heavily on debt to fund its next phase of expansion.

Chief Executive Officer Kevin Richards on Tuesday told the Jamaica Observer that a broker has already been engaged for the transaction, which is expected to take the form of an additional public offering additional public offering. The amount to be raised is still being worked out.

“We received shareholder approval for an additional public offering (APO) last year. We also increased the share capital to unlimited and allowed for the issuing of shares denominated in another currency besides Jamaican dollars and to list those shares on the JSE (Jamaica Stock Exchange),” Richards said.