GBP100 Million USS Mandate

First Property Group PLC
29 May 2007


29 May 2007
                            First Property Group plc
                           ('Fprop' or 'the Company')

            Universities Superannuation Scheme Doubles Fprop Mandate

    €70 million Forward Commitment to Acquire Retail Centre in Bytom, Poland

First Property Group plc (AIM: FPO), the property asset manager, which recently
received FSA registration, enabling it to raise its own funds, announces that
the Universities Superannuation Scheme ('USS') has doubled its investment
mandate with Fprop, from an initial £50 million commitment to a £100 million
commitment in the USS Fprop Managed Property Portfolio.

USS first provided Fprop with a mandate of £50 million in 2005, giving the
Company a remit to invest up to £200 million in commercial property in Central
and Eastern Europe and the United Kingdom. The initial mandate is now over 70%
complete. Fprop is working on acquiring a further €100 million (£68 million)of 
property, which if acquired will more than fully utilise the initial £50 
million.

As a result of the above USS has doubled its commitment to the USS Fprop Managed
Property Portfolio. Once fully invested, Fprop will have assets under management
in excess of £400 million.

Fprop also announces that it has entered into a forward commitment to acquire a
retail centre, which is to be built in Bytom, in the southern Silesian region of
Poland, for a sum in the region of €70 million (£47 million). This purchase is
conditional, inter alia, upon the grant of detailed planning consent for the
centre. The Fund will acquire the centre once construction has been completed
and there are commitments for at least 80% of the lettable area. Completion is
anticipated in the first quarter of 2009.

The centre will comprise some 269,000 sq ft (25,000 sq m) of retail, leisure and
office space, with tenants including a supermarket, electronics goods and
fashion retailers, a cinema and fitness centre.

Ben Habib, Chief Executive of Fprop, commented, 'Securing the support of USS was
a significant step forward for First Property and to have won an additional £50m
commitment is a tremendous endorsement of the Fprop team.

'First Property has started 2007 strongly. We announce the Group's results on 6
June 2007, in which I will report on our prospects in greater detail.'

For further information:
Ben Habib - Chief Executive             Richard Sunderland / Rachel Drysdale
First Property Group plc                Tavistock Communications
Tel: [phone]                      Tel: [phone]




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