TIDMFPO

RNS Number : 6944C

First Property Group PLC

21 January 2015

 
 Date:        21 January 2015 
 On behalf    First Property Group plc ("First 
  of:          Property", "the Company" or the "Group") 
 Embargoed:   0700hrs

First Property Group plc

New fund management mandate

First Property Group plc (AIM: FPO), the property fund management group, is pleased to announce that it has entered into a new fund management agreement with an existing pension fund client, the Shipbuilding Industries Pension Scheme ("SIPS"), to establish and manage a new property investment fund ("the new fund"). SIPS has committed a minimum of GBP125 million to the new fund for an initial term of ten years. SIPS was advised by Hymans Robertson LLP.

The new fund will be unleveraged and will target a net total return of 7% per annum or more from investments in property in the United Kingdom. The investment remit is broad, encompassing both investment and development properties across all sectors, including offices, retail, industrial and residential. First Property Group will earn annual fees from the new fund calculated by reference to the value of the properties under management.

Ben Habib, Chief Executive of First Property Group, said:

"We are very pleased to have been awarded this broad investment mandate which reflects the confidence SIPS has in us. The broad mandate enables us to tailor our investment approach to prevailing market conditions and to deploy capital where it is likely to earn the highest returns."

-Ends-

For further information please contact:

 
 First Property Group plc             Tel: 020 7340 0270 
 Ben Habib (Chief Executive           www.fprop.com 
  & Chief Investment Officer) 
 George Digby (Group Finance          investor.relations@fprop.com 
  Director) 
  Jeremy Barkes (Director, Business 
  Development) 
 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 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 the Group's 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCFMGZMFGNGKZZ

First Property (LSE:FPO)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more First Property Charts.
First Property (LSE:FPO)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more First Property Charts.