First Property's Funds Under Management Fall on Divestment, Lower Property Values
27 September 2023 - 6:12PM
Dow Jones News
By Anthony O. Goriainoff
First Property Group said third-party funds under management
fell from March due to the sale of one property, a reduction in
property values and a weakening of the euro, the currency in which
its Romanian and Polish properties are valued.
The U.K. property investment and management group said
third-party funds as at Aug. 31 were 383 million pounds ($465.7
million), compared with GBP400 million as at March 31. The company
said it sold one property in a U.K. fund valued at GBP5.4 million
and saw reductions in property values of GBP8 million.
Total funds under management as at Aug. 31--including properties
owned by the company--were GBP436 million, compared with GBP454
million as at March 31.
Group cash as at Aug. 31 was GBP6.6 million, compared with
GBP7.65 million on March 31. The company said the reduction was
mostly due to capital expenditure incurred at a property in Warsaw
related to upgrades to the heating and cooling system, among other
items.
"The group remains vigilant to market opportunities, in
particular with respect to its new activity as a lender," Chairman
Alasdair Locke said.
Shares at 0727 GMT were down 0.25 pence, or 1.45%, at 17
pence.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
September 27, 2023 03:57 ET (07:57 GMT)
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