June 29, 2021
FIRSTROCK’s key strategy is asset diversification across multiple jurisdictions with:
- 68% in Jamaica
- 10% in Cayman Islands
- 16% in Costa Rica
- 6% in Florida
Furthermore, the President and CEO, Mr. Ryan Reid stated that, “this diversification strategy will continue into the current financial year.”
Regarding pipeline investments listed in the Company’s prospectus such as the Suntrust Bank and Shoppes at Rosehall, FIRSTROCK noted that they were not pursued following due diligence exercises.
As it relates to the 12-14 Oxford Terrace, New Kingston investment property, “the Management Company is in the process of undertaking improvements on the property to make it more attractive. The property is attractive specifically for the classification of the businesses that are being targeted for tenancy. We have strong interest from prospective tenants and as soon as our improvements are completed, we expect the building to be fully tenanted,” as per Mr. Reid.
Mr. Reid also noted that the “Board of Directors have agreed that the focus for the Company is on real estate and real estate assets at this time. Private equity has therefore been jettisoned for our strategy.”
Management noted its plans for the 2021 Financial Year, stating that it intends to do the following:
- Grow total assets by 40% to US$50 million
- Expand in the Cayman Islands through residential and commercial properties. The Cayman Islands represents a strong growth strategy and Management expects at least a 20% growth in 2021.
- Expand in the United States (New York and Atlanta).
- Expand to Guyana through residential and commercial properties. Management highlighted that the Company “is far advanced on deliberations and negotiations in Guyana and we expect to have a strong presence in Guyana for the current financial year.”
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