First Property Regulatory News (FPO)

7 Sep 2007 07:01

First Property Group PLC07 September 2007 Date: 07 September 2007Embargoed until: 0700hrs On behalf of: First Property Group plc ("First Property" or the "Company") For immediate release First Property Group plcAGM Statement First Property Group plc (AIM: FPO), the AIM-listed property services groupspecialising in property asset management, announces that it will hold itsAnnual General Meeting today at 12 pm. At the AGM, the Company's Chief Executive, Ben Habib, will make the following statement: "The Company has continued to make good progress in the current financial year.The continued focusing of the Company's activities on asset management, wherethe visibility of revenues is far greater, is progressing successfully. "During the first five months of the current financial year, the Company hassuccessfully increased its assets under management by 43 per cent to £215million (Eur 315 million) with a further pipeline of assets expected to come tofruition over the coming months. The new properties acquired include a lightindustrial and logistics centre in Baldowska, Tczew, Tri-City region in Poland,the Oxford Tower office block in the Central Business District of Warsaw, amixed-use retail and office block in the Zoliborz area of Warsaw, an industrialfacility in Poznan and two logistics warehouses in Romania. "The primary markets in which we operate continue to deliver exciting investmentprospects, particularly in Poland where there is a sustained level of higheconomic growth and low inflation. The Group now manages 22 properties acrossthe length and breadth of Poland and a further 3 properties in Romania. Weemploy a team of 13 people in our Polish office enabling the Company to reactquickly to all investment opportunities of interest. "The facilities management business, in which we acquired a 60% shareholding inFebruary 2006, has performed well to date and we expect a good contribution fromthe business this year. "We look forward to updating the market with further news in due course." First Property will report its interim results to 30 September 2007 in November2007. - ends - Enquiries to: Ben Habib, Chief Executive www.fprop.comFirst Property Group plc Tel: 020 7731 2844 Chris Hardie, Corporate Finance Director chris.hardie@arden-partners.comArden Partners Tel: 020 7398 1639 Emma Kane / Adam Leviton / Tom Newman al@redleafpr.com / tn@redleafpr.comRedleaf Communications Ltd Tel: 020 7822 0200 Notes to Editors: •First Property Group plc was established in March 2000 by Chief Executive BenHabib, to provide a number of property services which include property asset management, property transaction underwriting and trading, and facilities management. •The Company listed its shares on the Alternative Investment Market (AIM) in December 2000 with a view to fuelling further growth. •First Property Group plc is an integrated property services group which consists of the following core services: - Property asset management - established in August 2002 and provided by a wholly owned subsidiary, First Property Asset Management Ltd (FPAM), now with operations in the UK, Central and Eastern Europe; - Property transaction underwriting and trading - established in August 2001 also provided by FPAM, now with operations in the UK, Central and Eastern Europe; - Facilities Management - acquired 60% of First Property Services Ltd in February 2006, with operations in the UK and clients including: Credit Suisse, Canary Wharf, the BBC, Coutts Bank and Exxon Mobil. Further information about the company and its products can be found at: www.fprop.com This information is provided by RNS The company news service from the London Stock Exchange