AGM Statement

RNS Number : 0019T

First Property Group PLC

21 September 2010

 



Date:                           21^st September 2010

On behalf of:               First Property Group plc ("First Property" or the "Group")

Embargoed:                0700 hours

First Property Group plc

§ AGM Statement

First Property Group plc (AIM: FPO), the AIM-listed 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:

"The Company has continued to make good progress in the current financial year with the growth of its core business, First Property Asset Management ("FPAM"). Total assets under management have increased marginally in GB Sterling terms since 31 March 2010 from £300 million to £302 million. This figure would have increased to £330 million but for the negative impact of Euro weakening versus Sterling from an exchange rate of Eur 1.12/£ at 31 March 2010, to Eur 1.21/£ at 20 September 2010. 78% (31 Mar 2010: 85%) of the Group's assets under management are located in Poland and valued in Euros.

Growth in assets under management has principally been driven by the investment of the Company's new £106 million UK commercial property fund, which was announced in February. That fund has now completed some £38 million of property purchases and has exchanged contracts to purchase a further £11 million of property, with an additional £10 million of property under offer.

The Company is performing well and we look forward to reporting our interim results for the 6 months to 30 September 2010 in November."

-Ends-

For further information contact:

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

§ Publication quality photos are available from Redleaf Communications

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 #1 versus the IPD benchmarks for CEE and Poland for the 4 year period to 31 December 2009.

·     The principal business model of First Property Group can be summarised as follows:

o  raise third party funds to invest in income producing commercial property;

o  co-invest in these funds;

o  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;

o  earn a return on its own capital invested in these funds.

·     It also has a 60% shareholding in a mechanical & electrical (M&E) installation and maintenance contractor, First Property Services Limited.

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

 

END

 

 

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