Last checked at 9 Dec 2014 07:00
Date: | 09 December 2014 |
On behalf of: | First Property Group plc ("First Property", "the Company" or the "Group") |
Embargoed: | 0700hrs |
First Property Group plc
New investment in Poland by Fprop Opportunities plc (FOP)
First Property Group plc (AIM: FPO), the property fund management group, is pleased to announce that Fprop Opportunities plc (FOP), its Polish-focused fund in which the Group is a 76.2% shareholder, has completed the refinancing of the investment it made on 19 September in a special purpose limited liability company ("SPV") which owns a tenanted office building in Warsaw (the "Property").
The price, which was paid in cash, to acquire the entire issued share capital in the SPV, was €377,000. As part of the refinancing, FOP invested a further €1.55 million in cash in the SPV.
The Property is generating a net operating income of some €1.30 million per annum and the investment is expected to yield a contribution to the profit before tax of the Group of some €1 million on an annualised basis, and a contribution of some €450,000 for the period to 31 March 2015.
Following the completion of this investment and its refinancing FOP is fully invested.
-Ends-
For further information please contact:
First Property Group plc | Tel: 020 7340 0270 |
Ben Habib (Chief Executive & Chief Investment Officer) | www.fprop.com |
George Digby (Group Finance Director) Jeremy Barkes (Director, Business Development)
| investor.relations@fprop.com |
Arden Partners | Tel: 020 7614 5900 |
Chris Hardie (Director, Corporate Finance) Michael McNeilly (Corporate Finance) | |
Redleaf Polhill | Tel: 020 7382 4763 |
George Parrett / Henry Columbine | firstproperty@redleafpr.com |
Notes to investors and editors:
First Property Group plc is a commercial property fund manager with operations in the United Kingdom and Central Europe. Its business model is to:
· Raise and manage third party funds to invest in property;
· Co-invest in these funds and thereby earn a return on its own capital invested; and
· Earn fees from the management of these funds. Fees earned are typically a function of the value of assets under management as well as the performance of the funds.
The investment performance of its funds under management in Poland and in Central Europe is ranked No.1 versus the Investment Property Databank (IPD) universe for Central & Eastern Europe (CEE) for the eight years to 31 December 2013, having previously ranked No.1 versus the IPD CEE universe over the three, four, five, six and seven years to 31 December 2008, 2009, 2010, 2011 & 2012 respectively.
First Property Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Further information about the Company and its products can be found at: www.fprop.com.