GK Pension Scheme signs contract for FosRich expansion

GK Pension Scheme signs contract for FosRich expansion

Wednesday, November 13, 2019

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FosRich Group of Companies Limited and GraceKennedy (GK) Pension Scheme recently signed a contract to finance FosRich's expansion into a new warehousing facility which will be at 76 Molynes Road in Kingston.

The warehouse will be owned by GK Pension Scheme, which is managed by investment manager PROVEN Wealth Limited.

According to GK Pension Scheme Chairman Douglas Orane, this is the scheme's first time functioning as a real estate developer.

“We are pleased to be involved in this initiative, which is a demonstration of confidence, not only in FosRich's potential for considerable growth and development but also an investment in Jamaica's future. FosRich and the pension scheme are developing a relationship that we see continuing for the long term,” Orane was quoted in a press release.

“Investments of this type will directly benefit all the members of the pension scheme, both pensioners and active members, since new, valuable income-earning real estate assets are being created that will produce both steady income and capital appreciation for decades to come. With commercial entities is a future avenue for the growth and development of the scheme. This is an opportunity that other pension funds could explore to actively support the accelerated growth of the Jamaican economy.”

Speaking at the signing ceremony FosRich Managing Director Cecil Foster noted that this initiative marks another milestone in the life of the company.

“This year marks 25 years since FosRich has been serving the people of Jamaica, and the new project represents an initiative to expand our facilities to provide for our widening product range and to fully demonstrate top quality service to our customers,” Foster stated.

— Abbion Robinson

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