$100 million investment so far this year
BSP Life yesterday announced the opening of its $8 million Voivoi Warehouse in Nadi revealing that it has invested $100 million so far this year.
In a media release issued yesterday BSP Life board chairman Robin Fleming said the facility formed part of other investments they made through the pandemic.
According to Mr Fleming in 2020 they invested $58m and in 2021 BSP Life invested $52m in various assets including bonds, term deposits, listed equities, land banks, properties, and expansion of wholly owned subsidiaries.
“In the last three years, BSP Life invested over $200m supporting the Fijian economy through one of its toughest crises. The portfolio now stands at $925m making BSP Life the largest commercial institutional investor in Fiji.
“We are cognisant of our role to support the communities in which we operate. We’re confident that by the end of 2023, we will surpass the $1 billion mark, continuing to provide value to our stakeholders and continuing to support Fiji’s economic recovery,” he said.
BSP Life managing director Michael Nacola said their portfolio continued to grow despite the pandemic, adding that the resilience of the portfolio allowed BSP Life to sustain value for stakeholders in one of the toughest economic conditions.
“We do not invest in a small pool of assets as this can cause significant deterioration in value when calamities occur.
“We’ve operated in Fiji for 145 years with sound investment experience and purposely broadened our asset base to eight major classes to ensure we can withstand shocks during a crisis. Within each asset class, we have further diversification, for example in private equities we have investments in the Sofitel, Rooster Poultry and Oceania Hospital,” he said.
DHL and the Drua franchise are tenants of the newly opened Voivoi Warehouse.