Sale of office property in Bracknell by the Group

RNS Number : 1753Z

First Property Group PLC

04 February 2014

 

Date:	4 February 2014
On behalf of:	First Property Group plc ("First Property", "the Company" or the "Group")
Embargoed:	0700hrs

First Property Group plc

Sale of office property in Bracknell by the Group for £2.05 million

First Property Group plc (AIM: FPO), the property fund management group, is pleased to announce that it has unconditionally exchanged contracts for the sale of the vacant office building it acquired in Bracknell on behalf of the Group in 2013. The sales price of £2.05 million is expected to result in the Group earning a contribution of some £770,000. Completion of the sale is due to take place after certain works to the building are undertaken and in any event no later than 31 July 2014. The cost of these works will be met by the buyer, a housing association, which has indemnified the Group in this respect.

The Group's current cash balance (including £7.5 million held by Fprop Opportunities plc) is some £14.9 million which, together with the net proceeds of this sale, would rise to some £16.7 million.

Proceeds of the sale shall be used by the Group to invest in the development of its business.

-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 property fund manager with operations in the United Kingdom and Central Europe.

Its business model is to:

·     Raise and manage third party funds to invest in property;

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

·     Earn fees for 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 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.

 

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