First Property Group PLC Update: Shipbuilding Industries Pension Scheme (2847S)
December 20 2016 - 2:00AM
UK Regulatory
TIDMFPO
RNS Number : 2847S
First Property Group PLC
20 December 2016
Date: 20 December 2016
On behalf First Property Group plc ("First
of: Property", "the Company" or the "Group")
Embargoed: 0700hrs
First Property Group plc
Update: Shipbuilding Industries Pension Scheme (SIPS)
First Property Group plc (AIM: FPO), the property fund manager
and investor, is pleased to announce that the fund management
mandate given to it in January 2015 by SIPS, is now 95% invested
following the recent exchange of contracts to purchase a portfolio
of supermarkets and a retail warehousing scheme in Southampton.
Completion of these purchases will take place later this week. The
SIPS fund will then be invested in twenty four properties at a cost
of GBP160.7 million, producing an annualised yield after management
charges of 6.3%.
Total funds under management by the Group will amount to GBP457
million, an increase of 13% since 30 September 2016.
Ben Habib, Chief Executive, said:
"I am delighted that the SIPS fund is now substantially invested
and that it is producing an income return of 6.3% per annum; a very
high yield in a close to zero interest rate environment.
"Opportunities to invest well in the commercial property market
have increased since the referendum in June, and we are pleased to
have capitalised on these so quickly. We remain bullish about
prospects for the UK and its property market and hope to be
announcing additional fund mandates very soon."
-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)
Ben Cryer (Corporate Finance)
Redleaf Communications (PR) Tel:+ 44 (20)
7382 4734
Rebecca Sanders-Hewett / firstproperty@redleafpr.com
Henry Columbine /
Susie Hudson
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.
Its 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 nine funds which are invested across the United Kingdom,
Poland and Romania. FPAM funds rank No.1 versus MSCI's Investment
Property Databank (IPD) Central & Eastern Europe (CEE) universe
for the ten years from the commencement of its operations in Poland
in 2005 to 31 December 2015, and for the annualised periods from
2005 to the end of each of the years between 31 December 2008 and
31 December 2015.
-- Group Properties - principal investments by the Group, to
earn a return on its own capital, usually in partnership with third
parties. Investments include eleven 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 six other funds managed by FPAM.
Listed on AIM the Company has offices in London and Warsaw.
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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