First Property Group PLC New fund management mandate for investment in UK (1909U)
January 16 2017 - 2:00AM
UK Regulatory
TIDMFPO
RNS Number : 1909U
First Property Group PLC
16 January 2017
Date: 16 January 2017
On behalf First Property Group plc ("First
of: Property", "the Company" or the "Group")
Embargoed: 0700hrs
First Property Group plc
New fund management mandate for investment in UK
First Property Group plc (AIM: FPO), the property fund manager
and investor, is pleased to announce that it has, in association
with Christ Church, Oxford, St Catherine's College, Oxford, and
Robinson College, Cambridge, established a new fund, Fprop UK
Special Opportunities LP, to invest in commercial property in the
United Kingdom. Equity commitments made by the colleges to the fund
amount to GBP14.5 million. In addition First Property has made a
commitment of GBP725,000.
Investments by the fund may be leveraged, with a maximum loan
amount of 50% of the value of the investments. The fund therefore
has a total buying power of just over GBP30 million. First Property
Group will earn annual fees from the new fund calculated by
reference to the value of the properties under management.
Commenting on the new fund, Ben Habib, Chief Executive,
said:
"We are delighted to announce the establishment of Fprop UK
Special Opportunities LP on behalf of a group of Oxford and
Cambridge colleges. The fact they have chosen to partner with us in
this endeavour is testament, amongst other things, to the excellent
track record of the Group.
"The fund aims to invest in higher yielding commercial property
investments with development angles or other ways in which to
enhance value. The economy of the UK is robust and we anticipate
that this strategy will yield healthy returns for its investors.
The establishment of this fund, so shortly after our recent
announcement on SIPS, illustrates the momentum building within our
fund management division."
-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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