First Property's Funds Under Management Fall on Divestment, Lower Property Values

By Anthony O. Goriainoff

First Property Group said third-party funds under management fell from March due to the sale of one property, a reduction in property values and a weakening of the euro, the currency in which its Romanian and Polish properties are valued.

The U.K. property investment and management group said third-party funds as at Aug. 31 were 383 million pounds ($465.7 million), compared with GBP400 million as at March 31. The company said it sold one property in a U.K. fund valued at GBP5.4 million and saw reductions in property values of GBP8 million.

Total funds under management as at Aug. 31--including properties owned by the company--were GBP436 million, compared with GBP454 million as at March 31.

Group cash as at Aug. 31 was GBP6.6 million, compared with GBP7.65 million on March 31. The company said the reduction was mostly due to capital expenditure incurred at a property in Warsaw related to upgrades to the heating and cooling system, among other items.

"The group remains vigilant to market opportunities, in particular with respect to its new activity as a lender," Chairman Alasdair Locke said.

Shares at 0727 GMT were down 0.25 pence, or 1.45%, at 17 pence.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

September 27, 2023 03:57 ET (07:57 GMT)

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