AGM Statement

RNS Number : 0947O

First Property Group PLC

13 September 2011

 



Date:	13 September 2011
On behalf of:	First Property Group plc ("First Property", the "Group" or the "Company")
Embargo:	0700hrs

First Property Group plc

AGM Statement

First Property Group plc (AIM: FPO), the commercial property fund management group, will hold its Annual General Meeting today at 12 noon.

At the AGM, the Company's Chief Executive, Ben Habib will make the following statement on behalf of the Chairman:

"Assets under management have grown since the financial year end to £375 million (31 Mar 2011: £366 million) as at 31 August 2011, of which 73% (31 Mar 2011: 75%) are located in Poland. The increase in assets under management is attributable to the on-going investment of the UK fund which we raised in February 2010, UK Pensions Property Portfolio ("UKPPP"). We are coming to the end of the investment phase for UKPPP and we intend to commence fund raising for a new UK fund soon. The business plan for this new UK fund will mirror that of UKPPP and will be defensively orientated.

"We are continuing our efforts to raise new funds for Fprop Opportunities plc and hope to report on this in greater detail in due course.

"We expect to report our interim results in November 2011."

-Ends-

For further information please contact:

First Property Group plc	Tel: [phone]
Ben Habib (Chief Executive)	www.fprop.com
Jeremy Barkes (Director, FJB Capital Advisers)	[e-mail]
Arden Partners	Tel: [phone]
Chris Hardie (Director Corporate Finance)
Redleaf Polhill	Tel: [phone]
Mike Ward	[e-mail]

Notes to investors and editors:

First Property Group plc is a commercial property fund manager with operations in the United Kingdom and Central Europe. The performance of its funds under management ranked No.1 versus the Investment Property Databank (IPD) Benchmarks for Central & Eastern Europe (CEE) and for Poland for the five year period to 31 December 2010.

The business model of First Property Group is to:

·      Raise third party funds to invest in income producing commercial property;

·      Co-invest in these funds;

·      Earn fees for the management of these funds. Fees earned are a function of the value of assets under management as well as the performance of the funds;

·      Earn a return on its own capital invested in these funds.

Further information about the Company and its products can be found at: www.fprop.com.

 

END

 

 

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