First Rock Capital Holdings says it plans to grow its assets to hit the US $50 million mark this year as it seeks to expand into other territories.

In a statement, the company unveiled plans to expand in the American, Caymanian, and Guyanese markets.

First Rock is a company that’s focused on real estate and real assets. First Rock says it grew its total assets by 40%, to reach US $36 million in 2020.

The company aims to grow its assets by a further 30% to hit its 2021 targets.

CEO of the First Rock Group, Ryan Reid, says the company is embarking on a serious growth and diversification strategy to meet its targets.

Sixty-eight percent of First Rock’s assets are currently in Jamaica with the rest spread between the Cayman, 10%, Costa Rica, 16% and Florida, 6%.

Mr. Reid says while the company intends to maintain most of its assets in Jamaica, First Rock is embarking on what he calls a structured geographic rebalancing of their portfolio.

First Rock says it’s working toward growing its assets in the Cayman Islands by 20% this year, and expansion talks are advanced in the US and Guyana.

The plans were outlined at First Rock’s Annual General Meeting, held in St. Lucia on June 29.

First Rock Capital Holdings recently broke ground in Jamaica for the Hambani Estates, a luxury housing community in Kingston.