Last checked at 27 Sep 2022 07:00
Date: | 27 September 2022 |
On behalf of: | First Property Group plc ("First Property", the "Company" or the "Group") |
First Property Group plc
AGM Statement
First Property Group plc (AIM: FPO), the property fund manager and investor with operations in the United Kingdom and Central Europe, will hold its Annual General Meeting (the "AGM") today at 12 noon. The AGM is being held online via Investor Meet Company (https://www.investormeetcompany.com/first-property-group-plc/register-investor) and at the Company's head office in London.
The meeting will be chaired by Alasdair Locke, Chairman of the board. At the meeting Alasdair will make the following statement:
"Since its financial year-end on 31 March 2022 the Group has leased additional space at its office building in Gdynia, Poland, increased its share in Blue Tower, Warsaw, by 32% to 80% and sold a property owned directly by the Group in Tureni, Romania.
"Total funds under management as at 31 August 2022, including properties owned directly by the Group, amounted to £547.5 million (31 March 2022: £558.7 million). The reduction of £11.2 million from the financial year end is due to the sale of three properties in the United Kingdom for £21.1 million by funds managed by First Property Asset Management Ltd and the sale of the Group's directly owned warehouse in Tureni, Romania for £3.05 million. These sales were offset by, inter alia, the purchase by the Group of a further 32% of Blue Tower, Warsaw for £7.2 million.
"Third party funds under management as at 31 August 2022 amounted to £499.4 million (31 March 2022: £516.5 million).
"Group cash as at 21 September 2022 amounted to £6.34 million (31 March 2022: £6.42 million). This equates to 5.75 pence per share (31 March 2022: 5.81 pence per share)."
-Ends-
For further information please contact:
First Property Group plc | Tel: +44 (20) 7340 0270 |
Ben Habib (Chief Executive Officer) Laura James (Finance Director) Jeremy Barkes (Director, Business Development) Jill Aubrey (Director, Company Secretary) | www.fprop.com investor.relations@fprop.com |
Allenby Capital (NOMAD & Broker) | Tel: + 44 (20) 3328 5656 |
Nick Naylor / Freddie Wooding (Corporate Finance) Amrit Nahal (Equity Sales) | |
SEC Newgate (PR) | Tel: +44 (20) 3757 6880 |
Robin Tozer / Richard Bicknell / Max Richardson | firstproperty@secnewgate.co.uk |
Notes to Investors and Editors:
First Property Group plc is an award-winning property fund manager and investor with operations in the United Kingdom and Central Europe. Around one third of the shares in the Company are owned by management and their families.
The Group's focus is on higher yielding commercial property with sustainable cash flows. The Company is flexible and takes an active approach to asset management. Its earnings are derived from:
· Fund management - via its FCA regulated and AIFMD approved subsidiary, First Property Asset Management Ltd ("FPAM"), which earns fees from investing for third parties in property. FPAM currently manages twelve funds which are invested across the United Kingdom, Poland and Romania.
· Group Properties - principal investments by the Group, to earn a return on its own capital, usually in partnership with third parties. Investments include six directly held properties in Poland and Romania, and interests in ten of the twelve funds managed by FPAM.
Quoted on AIM the Company has offices in London and Warsaw. Further information about the Company can be found at: www.fprop.com.