22 Oct 2018 07:00
Date: | 22 October 2018 |
On behalf of: | First Property Group plc ("First Property", "the Company" or the "Group") |
Embargoed: | 07:00 |
First Property Group plc
Deconsolidation of Fprop Opportunities plc (FOP) from the accounts of the Group
First Property Group plc (AIM: FPO), the award-winning property fund manager and investor with operations in the UK and Central Europe, is pleased to announce that following recent disposals its shareholding in Fprop Opportunities plc (FOP), a fund which it manages and which is fully invested in five commercial properties in Poland, has reduced to 44.3%. This change will enable its deconsolidation from the Group accounts. With effect from 12 October 2018 the Group will account for its remaining share of the profits of FOP as an associate undertaking.
The deconsolidation of FOP is consistent with the Group's published aim of reducing its holding to that of associate status. A result will be a greater contribution to Group profit from its fund management division. It will also reduce the value of Group Properties and associated financial liabilities in the Group's consolidated accounts. The Group intends to continue to sell its shares in FOP until its interest has reduced to some 25%-30%.
Ends-
For further information please contact:
First Property Group plc | Tel: 020 7340 0270 |
Ben Habib (Chief Executive & Chief Investment Officer) George Digby (Group Finance Director) Jeremy Barkes (Director, Business Development) | www.fprop.com |
Arden Partners | Tel: 020 7614 5900 |
John Llewellyn-Lloyd / Ben Cryer | |
Redleaf Communications | Tel: 020 3757 6865 |
Robin Tozer / Elisabeth Cowell | firstproperty@redleafpr.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. Around one third of the shares in the Company are owned by management and their families. It has grown its adjusted net assets, together with dividends paid, by some 26% on an annualised basis since 2006.
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 ten directly held properties in Poland and Romania (including five held by Fprop Opportunities plc [FOP], in which the Group is currently the majority shareholder), and interests in nine other funds managed by FPAM.
Listed on AIM the Company has offices in London, Warsaw and Bucharest. Further information about the Company and its products can be found at: www.fprop.com.
First Property (FPO)