First Property Regulatory News (FPO)

8 Nov 2005 14:31

First Property Group PLC08 November 2005 8 November 2005 First Property Group plc Notice of interim results First Property Group plc (AIM: FPO), the online commercial property transactionplatform and property asset manager will announce interim results for thesix months ended 30 September 2005 on 16 November 2005. -ENDS- For further information:Tavistock CommunicationsRichard Sunderland/ Rachel Drysdale 020 7920 3150 rsunderland@tavistock.co.uk / rdrysdale@tavistock.co.uk Notes to Editors:First Property Group is an integrated, internet based, property services andasset management group. Its various divisions are: First Property Asset Management ("FPAM") - First Property Group's property fundmanagement subsidiary, commenced trading in October 2002. FPAM now has fivefunds, containing circa £24 million of property assets, under management. In addition to the activities carried out by FPAM, Fprop also recently signed anew £50 million commercial property fund management mandate from theUniversities Superannuation Scheme which can borrow up to three times the amountinvested. This fund will invest in commercial property in the United Kingdom,and Central and Eastern Europe, utilising Fprop's expertise in the UK and itsrecently opened Warsaw office. Typical lot sizes are likely to be between £3million and £30 million covering the retail, office and industrial sectors. Commercial Property Database ("CPD") - In 2001, Fprop acquired CPD, whichprovides access to its interactive database of UK properties exclusively tocommercial property agents via their own web sites, giving multiple searching ofsize, location and property type thus also providing agents with an incomegenerating facility. CPD provides database and web services to about 100commercial property agents in the UK. Online Sales of Properties - First Property Group plc operates a web basedbusiness-to-business property transaction platform established to facilitate thebuying and selling of UK commercial property. By combining an email marketingcampaign, to its database of some 35,000 property practitioners, with links todetailed property details at www.fprop.com, it sells property entirely onlinewithout the assistance of any traditional services. Property Transaction Underwriting - Given Fprop's access to property for sale,its financing capability, its online sales capability and its in-houseexpertise, the Company also operates a property transaction underwritingservice. This service allows Fprop to target vendors who have property for saleand offer to act as a buyer of last resort. If the property is sold on themarket, any upside above the guaranteed price is typically shared 50/50 betweenthe vendor and the Company. This information is provided by RNS The company news service from the London Stock Exchange