AGM Statement

First Property Group PLC

24 September 2024

 

Date:	24 September 2024
On behalf of:	First Property Group plc ("First Property", the "Company" or the "Group")
Embargoed:	07.00am

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 (the "AGM") today at 12 noon. The AGM is being held online via Investor Meet Company (https://www.investormeetcompany.com/first-property-group-plc/register-investor) and at the Company's head office in London.

At the meeting Alasdair Locke, Chairman of the board, will make the following statement:

"With the interest rate cycle having seemingly peaked, the outlook for commercial property is beginning to improve. Likewise, the outlook for the Group's properties would also appear to be improving, evidenced by the post financial year-end leasing of 3,100 sqm in Blue Tower, the Group's directly owned office building in Warsaw. This should contribute some £800,000 per annum to the Group's profit before tax.

"In order to fund the associated tenant fit-out and to meet deferred consideration payments in respect of the Group's purchase of its additional 32% of Blue Tower in 2022, the Group recently raised £2.96 million by way of an open offer to all qualifying shareholders. The board were delighted that over 83% of shares were taken up by qualifying shareholders. The Group's cash balance following the open offer and after the deferred consideration payments amounts to £6.2 million (31 March 2024: £4.6 million).

"Total funds under management as at 31 August 2024, including properties owned directly by the Group, amounted to £233 million (31 March 2024: £274 million).

"Third party funds under management as at 31 August 2024 amounted to £181.4 million (31 March 2024: £221.8 million), of which some 42% was invested in the United Kingdom.

"The Group remains vigilant for market opportunities which will advance its strategy of focusing on higher yielding commercial property with sustainable cash flows."

-Ends-

For further information please contact:

First Property Group plc	Tel: [phone]
Ben Habib (Chief Executive Officer) Laura James (Finance Director) Jeremy Barkes (Director, Business Development) Jill Aubrey (Director, Company Secretary)	www.fprop.com [e-mail]
Allenby Capital (Nominated Adviser & Broker)	Tel: + 44 (20) 3328 5656
Nick Naylor / Daniel Dearden-Williams (Corporate Finance) Amrit Nahal / Tony Quirke (Equity Sales)

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. 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 twelve 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 comprise six directly held properties in Poland, one in Romania, and non-controlling interests in nine of the twelve funds managed by FPAM.

Quoted on AIM, the Company has offices in London and Warsaw. Further information about the Company and its properties can be found at: www.fprop.com. To receive RNS alerts by email please subscribe here.

 

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