CBR
search
Real Estate

Victoria Mutual Investments Limited CEO Rezworth Burchenson

VM Wealth Management reports 14.3 per cent growth in 2019

Victoria Mutual Investments Limited CEO Rezworth Burchenson

Victoria Mutual Wealth Management (VMWM) reported growth of 14.3 per cent last year due partly to its property portfolio which led all others in Jamaica for the second consecutive year.

VMWM chief executive officer, Rezworth Burchenson

The continued growth in its property fund was attributed to its 2018 strategy, which led it to number one that year, that included ongoing investment in prime commercial real estate, said VMWM. This focus drove its surge in subscriber growth from corporate and retail investors last year.

Speaking to its performance in the past year, the company said the VMWM property portfolio investors “saw enormous returns on their investments including a cash yield of five per cent, property appreciation of nine per cent with an occupancy rate of 98 per cent” which meant nearly all its properties were leased and generating income, “directly and positively” impacting returns on investments, the company said in a statement.

“Investing in our property portfolio makes sense, as it allows any Jamaican to participate in the fast-growing real estate market, with ease and speed without the transaction costs…”

– VMWM chief executive officer, Rezworth Burchenson

“We are indeed pleased at the performance for the past two years, which reinforces our strategy of investing in marquee properties in the main business districts in Jamaica. This includes investments in high quality real estate holding companies listed on the Jamaica Stock Exchange (JSE). Creating value in the medium term will require additional capital expenditure as we reposition our properties,” said VMWM chief executive officer, Rezworth Burchenson.

 Burchenson added that “Investing in our property portfolio makes sense, as it allows any Jamaican to participate in the fast-growing real estate market, with ease and speed without the transaction costs which technically makes you part-owner of all our properties invested in.”

VM Wealth Management’s nearly four-year-old Property Portfolio currently manages real estate assets valued in excess of J$5 billion. 

The company is a wholly-owned subsidiary of Victoria Mutual Building Society and provides wealth management services, securities trading and sales, investment advisory services and corporate solutions.