New UK Partnership - final close

RNS Number : 8183A

First Property Group PLC

25 February 2014

 

Date:	25 February 2014
On behalf of:	First Property Group plc ("First Property", "the Company" or the "Group")
Embargoed:	0700hrs

First Property Group plc

New UK Partnership - final close

First Property Group plc (AIM: FPO), the property fund management group, is pleased to announce that, as indicated in the announcement made on 24 October 2013, its new Partnership, Fprop PDR has now raised an additional £25.4 million in cash commitments from clients of a leading global investment business. Fprop PDR now has total cash resources of some £41 million available to it. First Property Group plc has, as part of funds raised, made a commitment of £2 million to Fprop PDR. Staff, family and friends of First Property Group have also committed some £1.4 million to the Partnership.

Commenting on the final close of the fund raising, First Property Group's Chief Executive Ben Habib said:

"We are pleased that our new Partnership, Fprop PDR, has raised additional funds giving it some £41 million in cash resources to undertake its business plan of acquiring offices in the UK and converting these properties to residential use.  

"Fprop PDR has now completed the purchase of an office block in Birmingham and has exchanged contracts to purchase another in Camberley, Surrey. The Group expects more purchases to be made by the Partnership in the near future."

-Ends-

For further information please contact:

First Property Group plc	Tel: [phone]
Ben Habib (Chief Executive & Chief Investment Officer)	www.fprop.com
Jeremy Barkes (Director, Business Development)	[e-mail]
Arden Partners	Tel: [phone]
Chris Hardie (Director Corporate Finance)
Redleaf Polhill	Tel: [phone]
George Parrett / Henry Columbine	[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. Its business model is to:

·     Raise third party funds to invest in commercial property;

·     Co-invest in these funds and thereby earn a return on its own capital invested; and

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

The investment performance of its funds under management in Poland and in Central Europe is ranked No.1 versus the Investment Property Databank (IPD) universe for Central & Eastern Europe (CEE) for the seven years to 31 December 2012, having previously been ranked No.1 versus the IPD CEE universe over the three, four, five and six years to 31 December 2008, 2009, 2010 & 2011 respectively.

First Property Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Further information about the Company and its products can be found at: www.fprop.com.

 

END

 

 

MSCQKQDBOBKDQBB