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History of the Group

Date Event
Oct 2011

Launch of marketing for new UK fund, Fprop Sterling Income Fund (FSIF).

May 2011

Performance data for 2010 released by IPD; FPAM retained its No.1 ranking versus both IPD CEE Benchmark and IPD Polish Benchmark, annualised over the five years to 31 December 2010.

Mar 2011

Disposal of Group’s 60% shareholding in First Property Services Ltd.

Oct 2010

Ninth fund established with £7 million of Group cash, augmented by £1.28 million from staff, family and friends - Fprop Opportunities plc (FOP) - to invest in high yielding commercial property in Europe & UK, with an initial focus on Poland.

Apr 2010

Performance data for 2009 released by IPD; FPAM retained its No.1 ranking versus IPD CEE Benchmark and achieved No.1 ranking versus IPD Polish Benchmark, annualised over the four years to 31 December 2009.

Apr 2010

Disposal of Commercial Property Database Ltd and CPD Ltd for a nominal consideration.

Feb 2010

Eighth fund established with cash commitments of £105 million from 3 pension fund clients of Stamford Associates Ltd, the international investment consultancy, plus a £1 million co-investment by FPAM, to invest in UK commercial property.

Apr 2009

Performance data submitted to IPD for analysis; FPAM ranked No.1 versus IPD CEE Benchmark over the three years to 31 December 2008.

Dec 2008

Purchase by the Group of 28% of Blue Tower, a Class B office building in Warsaw's Central Business District (CBD), followed in November 2009 with the purchase of a controlling interest in the management company which controls the building.

Nov 2007

Purchase by the Group of a Class C office building on Bacha Street, Mokotow, Warsaw

May 2007

Seventh fund augmented by a further £50 million of equity from Universities Superannuation Scheme (USS), bringing the mandate up to £100 million of equity, with gearing permitted at up to 4x. Fund still running and earning a return on equity invested >20% per annum (as at 31 Mar 2011).

May 2007

Authorised & Regulated by Financial Services Authority (Part IV permission).

Feb 2006

Acquired 60% stake in First Property Services Limited, an electrical and mechanical (M&E) contractor.

Sep 2005

Seventh fund established with £50 million of equity from Universities Superannuation Scheme (USS) to invest in commercial property in the United Kingdom and Central Europe.

Jun 2005

First Property Poland Sp. z o.o. (FPP) established, following the Group’s decision to largely exit the UK market due to the disappearance of the yield gap between the cost of debt finance and commercial property yields.

Dec 2004

Sixth fund (5th Property Trading Ltd) established with £3.25 million of equity to invest in UK commercial property, subsequently amended in September 2005 to include Poland.

Aug 2004

Fifth fund (Regional Property Trading Ltd) established with £925,000 of equity to invest in UK commercial property, subsequently amended in September 2005 to include Poland.

Aug 2004

Fourth fund (SAM Property Company Ltd) established on behalf of a client of Coutts & Co to invest in UK commercial property. This fund is not re-valued annually and FPAM does not have full discretion over its management.

Jul 2004

Issue of 18,125,000 new shares at 16p, raising approximately £2.9 million (before expenses) of cash for expansion, representing approximately 19.5% of the Company's issued share capital prior to the placing.

Oct 2003

Third fund (Third Property Trading Ltd) established with £1.89 million of equity to invest in UK commercial property. Dissolved in January 2008 and money returned to shareholders having earned a net IRR of 24% per annum.

Sep 2003

Change of name to First Property Group plc.

Jan 2003

Second fund (Second Property Trading Ltd) established with £1.125 million of equity to invest in UK commercial property. Dissolved in December 2007 and money returned to shareholders having earned a net IRR of 18% per annum.

Sep 2002 First fund (First Property Trading Ltd) established with equity commitments of £850,000 to invest in UK commercial property. Dissolved in November 2006 and money returned to shareholders having earned a net IRR of 29% per annum.
Sep 2002 Establishment of fund management division, First Property Asset Management Limited (FPAM).
Aug 2001

Establishment of Property Trading division.

Aug 2001

Acquisition of Commercial Property Database Limited and CPD Limited.

Apr 2001

Acquisition of Propertytrade plc.

Dec 2000

Admission to AIM via reverse takeover of Hansom Group plc and change of name to First Property Online plc.

 




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