First Property Group PLC New investment in Poland by the Group (9756Z)
December 17 2014 - 2:00AM
UK Regulatory
TIDMFPO
RNS Number : 9756Z
First Property Group PLC
17 December 2014
Date: 17 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 the Group
First Property Group plc (AIM: FPO), the property fund
management group, is pleased to announce that it has acquired the
entire issued share capital in two special purpose vehicles
("SPVs") which own two office buildings in Poland. One of the
office buildings is located in central Warsaw and the other in the
northern part of the Tri-City region of Poland.
The SPVs were acquired from the USS Fprop Managed Property
Portfolio LP, a fund managed by First Property Asset Management Ltd
(FPAM). For the year to 31 March 2013, being the last audited
accounts available for the SPVs acquired, they earned a net profit
of some GBP1.35 million in aggregate.
At the time of purchase the SPVs had borrowings of some GBP59.5
million (EUR75 million). This debt is held in the SPVs and is
non-recourse to the Group.
The price, which was paid in cash, to acquire the entire issued
share capital in the two SPVs, was GBP3.9 million (EUR4.9 million).
The investments are expected to yield a contribution to the profit
before tax of the Group of some GBP3 million (EUR3.8 million) on an
annualised basis. They are expected to yield a contribution of some
GBP840,000 (EUR1.06 million) to the profit before tax of the Group
for the period to 31 March 2015.
Following these two investments the Group now has six direct
property holdings, three of which are in Poland and the other three
of which are in Romania.
-Ends-
For further information please contact:
First Property Group plc Tel: 020 7340 0270
Ben Habib (Chief Executive & Chief www.fprop.com
Investment Officer)
George Digby (Group Finance Director) investor.relations@fprop.com
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 commercial 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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