First Property Group PLC AGM Statement (7452N)
September 27 2023 - 1:00AM
UK Regulatory
TIDMFPO
RNS Number : 7452N
First Property Group PLC
27 September 2023
Date: 27 September 2023
On behalf of: First Property Group plc ("First Property",
the "Company" or the "Group")
Embargoed: 07.00am
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:
"The Group continues to steward shareholder funds with great
care. Net asset value ("NAV") per share has been broadly maintained
in the face of extremely challenging market conditions for the
property sector over the last few years, in particular from
lockdowns and the subsequent working from home trend, interest rate
rises, rampant inflation and the drive to net zero. In spite of
these headwinds, the Group has reported continued leasing progress
at its Group properties over the past couple of years, which will
be reflected in income and capital value growth in due course.
"The internal rate of return ("IRR") earned by the Group is
impressive: 19% on an annualised basis after the admission of its
shares to trading on AIM in 2001; 19% on an annualised basis since
the peak of the boom in 2007 (before the onset of the credit
crunch); and only negative 3% since March 2019 before the onset of
covid related lockdowns and the consequential market
difficulties.
"Since the financial year-end on 31 March 2023, the Group has
achieved leasing progress at Blue Tower, its directly held office
property in Warsaw, and at Maestro Business Centre, an office
building in Cluj, Romania, in which the Group is a 21% shareholder.
It has also acquired the minority share interest in E and S Estates
Ltd ("E and S"), which owns a supermarket in Praga (a suburb of
Warsaw), resulting in the Company now owning 100% of the shares in
E and S.
"Total funds under management as at 31 August 2023, including
properties owned directly by the Group, amounted to GBP436 million
(31 March 2023: GBP454 million).
"Third party funds under management as at 31 August 2023
amounted to GBP383 million (31 March 2023: GBP400 million), of
which some 60% was invested in the United Kingdom. The reduction
since the financial year end is explained by the sale of o ne
property in a UK fund valued at GBP5.4 million, reductions in
property values of GBP7.98 million and a weakening of the Euro, the
currency in which our Polish and Romanian properties are valued, of
GBP3.62 million.
"Group cash as at 31 August 2023 amounted to GBP6.64 million (31
March 2023: GBP7.65 million). This equates to 5.66 pence per share
(31 March 2023: 6.82 pence per share). The reduction was mainly due
to capital expenditure incurred at Blue Tower, Warsaw, in respect
of upgrades to the heating and cooling system, tenant fit-out's
associated with new leases, and the cost of buying out the minority
shareholders in E and S.
"The Group remains vigilant to market opportunities, in
particular with respect to its new activity as a lender."
-Ends-
For further information please contact:
First Property Group plc Tel: +44 (20) 7340 0270
Ben Habib (Chief Executive Officer) www.fprop.com
Laura James (Finance Director) investor.relations@fprop.com
Jeremy Barkes (Director, Business Development)
Jill Aubrey (Director, Company Secretary)
Allenby Capital (Nominated Adviser Tel: + 44 (20) 3328 5656
& Broker)
Nick Naylor / Daniel Dearden-Williams
(Corporate Finance)
Amrit Nahal / Tony Quirke (Equity Sales)
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.
Around one third of the Company's shares are owned by management,
directors and their families. Further information about the Company
and its properties can be found at: www.fprop.com . To receive RNS
alerts by email please subscribe here .
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END
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