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Date:
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24 September 2024
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On behalf of:
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First Property Group plc ("First
Property", the "Company" or the "Group")
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Embargoed:
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07.00am
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First Property Group plc
AGM
Statement
First Property Group plc (AIM: FPO),
the property fund manager and investor with operations in the
United Kingdom and Central Europe, will hold its Annual General
Meeting (the "AGM") today at 12 noon. The AGM is being held online
via Investor Meet Company (https://www.investormeetcompany.com/first-property-group-plc/register-investor)
and at the Company's head office in London.
At the meeting Alasdair Locke,
Chairman of the board, will make the following
statement:
"With the interest rate cycle having
seemingly peaked, the outlook for commercial property is beginning
to improve. Likewise, the outlook for the
Group's properties would also appear to be improving, evidenced by
the post financial year-end leasing of 3,100 sqm in Blue Tower, the
Group's directly owned office building in Warsaw. This should
contribute some £800,000 per annum to the Group's profit before
tax.
"In order to fund the associated
tenant fit-out and to meet deferred consideration payments in
respect of the Group's purchase of its additional 32% of Blue Tower
in 2022, the Group recently raised £2.96 million by way of an open
offer to all qualifying shareholders. The board were delighted that
over 83% of shares were taken up by qualifying shareholders. The
Group's cash balance following the open offer and after the
deferred consideration payments amounts to £6.2 million (31 March
2024: £4.6 million).
"Total funds under management as at
31 August 2024, including properties owned directly by the Group,
amounted to £233 million (31 March 2024: £274 million).
"Third party funds under management
as at 31 August 2024 amounted to £181.4 million (31 March 2024:
£221.8 million), of which some 42% was invested in the United
Kingdom.
"The Group remains vigilant for
market opportunities which will advance its strategy of
focusing on higher yielding commercial property
with sustainable cash flows."
-Ends-
For further information
please contact:
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First Property Group plc
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Tel: +44 (20) 7340 0270
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Ben Habib (Chief Executive
Officer)
Laura James (Finance
Director)
Jeremy Barkes (Director, Business
Development)
Jill Aubrey (Director, Company
Secretary)
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www.fprop.com
investor.relations@fprop.com
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Allenby Capital (Nominated Adviser &
Broker)
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Tel: + 44 (20) 3328 5656
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Nick Naylor / Daniel Dearden-Williams
(Corporate Finance)
Amrit Nahal / Tony Quirke (Equity
Sales)
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Notes to Investors and Editors:
First Property Group plc is an
award-winning property fund manager and investor with operations in
the United Kingdom and Central Europe. Its focus is on higher
yielding commercial property with sustainable cash flows. The
Company is flexible and takes an active approach to asset
management.
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. FPAM currently manages
twelve funds which are invested across the United Kingdom, Poland
and Romania.
· Group
properties - principal investments by the Group to earn a return on
its own capital, usually in partnership with third parties.
Investments comprise six directly held properties in Poland, one in
Romania, and non-controlling interests in nine of the twelve funds
managed by FPAM.
Quoted on AIM, the Company has
offices in London and Warsaw. Further information about the Company
and its properties can be found at: www.fprop.com.
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