RECENTLY completing its new Proven Place office development, Proven Group Limited is on a mission to further strengthen its asset base, eyeing increased growth across its portfolios over the next year.

Proven Place, a joint venture commercial development undertaken by Proven Properties Limited (PPL), is a 42,500-square feet, five-storey building located at the corner of Lady Musgrave Road and Gladstone Drive in St Andrew. The building comprises some nine office spaces and is home to Proven Properties and Proven Wealth offices, as well as Tingrinners and other tenants including Carlisa and Pink Apron.

“The building was developed in partnership with Kase International (Tingrinners) and represents a total capital investment of US$10 million,” PPL CEO Aisha Campbell said in response to queries from the Jamaica Observer.

“The building design incorporates lots of natural light and strategically located outdoor terrace areas that enhance the work environment. The interior layout for the Proven offices was designed by Tamara Tavares-Finson of Acuity Projects and Purchasing and includes features that align with modern workplace trends such as flexi-work stations, touchdown zones, and meeting pods that allow for a flexible and collaborative work culture,” Campbell said.

Further speaking to the company’s active pipeline of prime residential, commercial, and industrial real estate assets, she pointed to a number of other developments now under construction as well as others timed for roll-out soon. These include the Sol Harbour and Bahari residential projects in St Ann, and the Fairbanks project, phases 1 and 2, in Cayman. Under its industrial real estate projects the roll-out and breaking of ground for those such as Aashgo, Kingston Gateway and Bloomfield warehouses in Grand Cayman and Jamaica are expected to bring increased value to the portfolio.

“PPL will continue to expand its real estate footprint by executing creative deal structures and targeted marketing campaigns to extend the deal pipeline in Jamaica,” Campbell stated.

Group CEO Christopher Williams, who also spoke on the possible return of strong profitability for his company following a series of events that plagued the financial environment, said that with the continued cooling of interest rates and an ease in supply chain challenges it is now more likely to see the subsidiaries and associated companies across Proven’s banking, manufacturing, and real estate portfolios delivering improved results.

The Roberts subsidiary, which has been strained by the effects of the pandemic, has in recent times seen significant improvements as shipping costs and some associated challenges disappear in line with access to raw material becoming more readily available.

Proven’s acquisition of an over-50 per cent stake in the Barbados-based company in 2021 allowed it to, for the first time, tap into the manufacturing sector through the company which produces and supplies animal nutrition products, edible fats and oils.

“Roberts is having a good time right now and is demonstrating strong profitability; this will be reflected in our upcoming results set for release shortly,” Williams stated.

The CEO, in disclosing the plans for a merger of two of the wealth subsidiaries, said this too should bring greater efficiency across group operations.

“We are now doing some restructuring of our Heritage Education Fund as we roll it into Proven Wealth. With it essentially being a wealth management business also, we see no need to have both operating as separate entities so we will merge them as one as we keep the Heritage brand which will now be owned and managed by Proven Wealth. All of that legal work is being done right now,” Williams said.

With its assets surpassing US$1 billion at the end of last year the CEO said Proven is even more bullish on unlocking more growth across its balance sheet.

“Growth in profit looks very strong and we are expecting a positive 2024/25. Growth in our balance sheet, which will come mainly through our banking entities, is also expected to do well as interest rates come down and we begin to realise more aggressive growth in our business. As a result of this, our target is to have 15 per cent growth in total assets for the year,” he told the Business Observer.

With the company’s management having no immediate plan to further venture into new territories the group’s main focus, the CEO said, is to grow its business in existing markets. Proven’s operations currently span businesses in wealth management, banking, private capital, as well as property development and management.

“We like the jurisdictions that we are in — which includes Jamaica, [The] Bahamas, Cayman, the British Virgin Islands, Bermuda, St Lucia, Barbados — and we are good with those right now,” Williams said.