Last checked at 11 May 2020 07:00
Date: | 11 May 2020 |
On behalf of: | First Property Group plc ("First Property", "the Company" or the "Group") |
Embargoed: | 0700hrs |
First Property Group plc
Fprop retains its No.1 ranking in MSCI CEE Benchmark
First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to announce that it has retained its position as the best performing fund manager versus MSCI's Central and Eastern European (CEE) Benchmark, now for the fourteen years to 31 December 2019.
Rental income was the main driver which contributed to the result. The Group consistently generated the highest income return versus the Benchmark over three, five, seven, ten and fourteen years since the commencement of its operations in Poland in 2005.
MSCI is a leading provider of research-based indexes and analytics. Performance is determined strictly in accordance with MSCI's globally defined data standards and performance measurement procedures, and is based upon independently verified direct real estate investment performance.
Commenting on the result, Ben Habib, Chief Executive of First Property Group, said:
"Ranking as the best performing fund manager over 14 years in MSCI's Central and Eastern European Benchmark is further evidence that our policy of investing in sustainably higher yielding commercial property delivers consistently higher returns over the long term.
"With Group cash of £25 million and markets weakening again we expect to be making a number of new investments alongside our clients over the next couple of years."
First Property Group announced last week the sale of their controlling share in the CH8 tower in Warsaw, on 27 April, and the signing of a new long-term let at a warehouse it owns in Tureni, Romania on 29 April.
-Ends-
For further information please contact:
First Property Group plc | Tel: +44 (20) 7340 0270 |
Ben Habib (Chief Executive Officer) George Digby (Group Finance Director) Jeremy Barkes (Director, Business Development) Liam Deacon (Media & Marketing Manager) | www.fprop.com investor.relations@fprop.com |
Arden Partners (NOMAD & Broker) | Tel: +44 (20) 7614 5900 |
John Llewellyn-Lloyd (Director, Corporate Finance) Ben Cryer (Corporate Finance) | |
Newgate Communications (PR) | Tel: +44 (20) 3757 6880 |
Robin Tozer / Tom Carnegie | firstproperty@newgatecomms.com |
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. Its 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 thirteen 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 comprise eight directly held properties in Poland and Romania, and non-controlling interests in ten of the thirteen funds managed by FPAM.
Listed on AIM the Company has offices in London, Warsaw and Bucharest. Around one third of the shares in the Company are owned by management and their families. Further information about the Company and its products can be found at: www.fprop.com.