First Property Group PLC AGM Statement (3574R)

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RNS Number : 3574R

First Property Group PLC

21 September 2017

 
 Date:        21 September 2017 
 On behalf    First Property Group plc ("First 
  of:          Property", "the Company" or the "Group") 
 Embargoed:   0700hrs 
 

First Property Group plc

AGM Statement

First Property Group plc (AIM: FPO), the property fund manager and investor with operations in the United Kingdom and Central Europe, will hold its Annual General Meeting (AGM) today at 12 noon.

At the AGM, the Company's Chairman, Alasdair Locke, will make the following statement:

"I am pleased to report the Company continues to trade well and in accordance with management's expectations.

"Our aggregate funds under management, including those held by the Group, currently stand at GBP564 million, compared to GBP477 million at our financial year end on 31 March 2017. Of this, GBP387 million is managed on behalf of third party clients, an increase of 24% from our financial year end.

"The majority of this increase in assets under management results from GBP51 million of new investments made on behalf of Fprop Offices LP, which was established on 14 July 2017. That fund has additional equity commitments of GBP131 million to be invested, which will result in our assets under management increasing further in the coming months.

"I am also pleased to report that Fprop Romanian Supermarkets Ltd, in which the Group has a shareholding interest of 24%, has sold three of the nine Lidl supermarkets it acquired in December 2015 for a total consideration of EUR5.8 million (GBP5.3 million). The Group's share of profits resulting from the sale amounted to some GBP400,000.

"We plan to report interim results for the six months ended 30 September 2017 on Thursday 23 November 2017."

-Ends-

For further information please contact:

 
 First Property Group plc            Tel: +44 (20) 
                                      7340 0270 
 Ben Habib (Chief Executive          www.fprop.com 
  Officer)                            [e-mail] 
  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 4747 
 Robin Tozer / Elisabeth Cowell      [e-mail] 
 

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 eleven funds which are invested across the United Kingdom, Poland and Romania.

-- Group Properties - principal investments by the Group, to earn a return on its own capital, usually in partnership with third parties. Investments include ten 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 nine other funds managed by FPAM.

Listed on AIM the Company has offices in London, Warsaw and Bucharest. 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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September 21, 2017 02:00 ET (06:00 GMT)