Extension of UK fund management contract

RNS Number : 9719P

First Property Group PLC

24 February 2016

 

Date:	24 February 2016
On behalf of:	First Property Group plc ("First Property", "the Company" or the "Group")
Embargoed:	0700hrs

First Property Group plc

Extension of UK fund management contract

First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to announce that the limited partners in UK Pension Property Portfolio LP (UK PPP LP), a fund managed by the Group, which was due to mature on 5 February 2017, have agreed to extend its life by five years to 5 February 2022.

The twenty one properties owned by UK PPP LP are located across the UK and valued at some £100 million in total. UK PPP LP, which is un-geared, is generating a dividend yield of some 6.5% per annum for its partners.

-Ends-

For further information please contact:

First Property Group plc	Tel: [phone]
Ben Habib (Chief Executive & Chief Investment Officer) George Digby (Group Finance Director) Jeremy Barkes (Director, Business Development)	www.fprop.com
Arden Partners	Tel: [phone]
Chris Hardie/ Ben Cryer
Redleaf Communications	Tel: [phone]
Henry Columbine / Susie Hudson	[e-mail]

Notes to Investors and Editors:

First Property Group plc is a property fund manager and investor with operations in the United Kingdom and Central Europe. 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:

o  Management fees are levied by reference to the value of properties under management;

o  Performance fees are levied where appropriate, usually payable upon realisation of profits above an agreed hurdle. 

·     Group Properties - principal investments by the Group, to earn a return on its own capital, usually in partnership with third parties.

FPAM funds have ranked No.1 versus the Investment Property Databank (IPD) Central & Eastern Europe (CEE) universe for the annualised periods from the commencement of its operations in Poland in 2005 to the end of each of the years between 31 December 2008 and 31 December 2014.

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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