First Property Group PLC Sale completed of final investment in Fprop PDR LP (5056V)
August 10 2015 - 2:00AM
UK Regulatory
TIDMFPO
RNS Number : 5056V
First Property Group PLC
10 August 2015
Date: 10 August 2015
On behalf First Property Group plc ("First
of: Property", the "Company" or the "Group")
Embargoed: 0700hrs
First Property Group plc
Completion of sale of last remaining investment in Fprop PDR
LP
First Property Group plc (AIM: FPO), the property fund manager
and investor, is pleased to announce that it has completed the sale
of Fprop PDR LP's last remaining investment, an office park in
Uxbridge, following the fulfilment of certain conditions specified
at exchange of contracts in March. The resulting contribution to
the Group's profit, which will be recognised in the current
financial year, is estimated to be GBP1 million.
Commenting on the sale, Group Chief Executive Ben Habib
said:
"Our strategy to invest in redundant offices with the intent of
converting them to residential use, utilising Permitted Development
Rights (PDR), has generated high rates of return for our fund
investors as well as First Property shareholders, and has done so
in a manner consistent with the Government's aim of boosting the
supply of affordable homes on brownfield land. Utilising PDR, we
have enabled the creation of some 665 new flats with average sale
prices of GBP190,000 for one bed flats and GBP250,000 for two bed
flats, from office buildings which were approximately 95% vacant at
the time of purchase. If the Government is serious about tackling
the Nation's housing shortage we urge it to extend this successful
policy beyond its current scheduled expiry in May 2016."
-Ends-
For further information please contact:
First Property Group plc Tel: +44 (20)
7340 0270
Ben Habib (Chief Executive www.fprop.com
Officer) investor.relations@fprop.com
George Digby (Group Finance
Director)
Jeremy Barkes (Director,
Business Development)
Arden Partners (NOMAD & Broker) Tel: + 44 (20)
7614 5900
Chris Hardie (Director, Corporate
Finance)
Michael McNeilly (Corporate
Finance)
Redleaf Communications (PR) Tel:+ 44 (20)
382 4730
Richard Gotla / 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;
-- Group Properties - principal investments by the Group, currently comprising:
o Six directly owned properties in Poland and Romania;
o Five properties in Poland held by Fprop Opportunities plc
(FOP), an FPAM managed fund in which the Group is a 76.2%
shareholder;
o Non-controlling interests in four other funds managed by
FPAM.
FPAM funds have ranked No.1 versus the Investment Property
Databank (IPD) Central & Eastern Europe (CEE) universe for the
annualised periods from the commencement of its operations in
Poland in 2005 to the end of each of the years between 31 December
2008 and 31 December 2014.
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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