First Property Group PLC Profit share resulting from sale by Fprop PDR (4950I)
March 26 2015 - 3:01AM
UK Regulatory
TIDMFPO
RNS Number : 4950I
First Property Group PLC
26 March 2015
Date: 26 March 2015
On behalf First Property Group plc ("First
of: Property", "the Company" or the "Group")
Embargoed: 0700hrs
First Property Group plc
Profit share resulting from sale by Fprop PDR
First Property Group plc (AIM: FPO), the property fund manager
and investor, is pleased to announce that Fprop PDR, the
partnership established with clients of Towers Watson in October
2013 to convert offices in the UK to residential use, has
contracted to sell its remaining two properties.
First Property's profit share from these sales, including the
profit earned from the Group's five per cent co-investment in the
partnership, will amount to some GBP2.5 million. The completion of
the sale of one property will take place in two parts, on 31 March
2015 and 31 July 2015 respectively. Completion of the latter of
these two parts is subject to certain conditions precedent which
the Group is confident of fulfilling. First Property's profit share
of GBP2.5 million will accordingly be recognised in two parts as
well: GBP1.5 million in the year to 31 March 2015, with the
remainder in the year to 31 March 2016 subject to the fulfilment of
the conditions precedent.
These sales bring the total number of properties sold by Fprop
PDR to eight. Aggregate net profits earned by Fprop PDR from these
sales amount to some GBP16 million on an un-geared investment of
some GBP30 million, representing a return on equity invested of
some 53 per cent and an internal rate of return (IRR) of 98 per
cent per annum. First Property's total profit share from Fprop PDR
to date, including from the sales announced above, amounts to some
GBP4.8 million.
-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
Director)
Jeremy Barkes (Director, Business investor.relations@fprop.com
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 and investor
with operations in the United Kingdom and Central Europe. 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 in the UK and
Central Europe (principally Poland);
-- Group Properties - principal investments by the Group, currently comprising:
o 6x directly owned properties in Poland and Romania;
o 5x properties in Poland held by Fprop Opportunities plc (FOP),
an FPAM managed fund in which the Group is a 76.2% shareholder;
o Shares in 4x funds managed by FPAM.
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) over 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 and 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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