Directly owned property (including 5x properties held by FOP):
As at 31 March-2017
No. of
Book value
Market value
Contribution to
Group profit
before tax period
to 31-March-17
Romania 2 £4.2m £5.3m £0.9m
FOP (All in Poland) 5 £60.1m £68.5m £3.4m
TOTAL 10 £143.5m £164.5m £10.3m
Non-controlling interests in funds and joint ventures managed by FPAM:
As at 31 March-2017
% owned by
Book value
of Group's
share in fund
Market value
of holdings
Group's share
of pre-tax
profit earned
by fund to
Interest in associates        
5th Property Trading Ltd (5PT)
Regional Property Trading Ltd (RPT)
Fprop Romanian Supermarkets Ltd (FRS) 24.1% £750,000 £1,030,000 £125,000
Fprop Galeria Corso Ltd (FGC) 28.2% £1,678,000 £1,827,000 £220,000
Fprop Krakow Ltd (FKR) * 18.1% £1,119,000 £1,119,000 -
Sub total   £4,347,000 £5,267,000 £519,000
*shares allotted but issued post year end.        
UK Pension Property Portfolio LP (UK PPP) 0.9% £884,000 £884,000 £60,000
Fprop PDR LP 4.9% £13,000 £13,000 -
UK Special Opportunities (SPEC OPPS) 4.8% - - -
Sub Total   £897,000 £897,000 £60,000
  • It is the accounting policy of the Group to carry its direct properties and interests in associates at the lower of cost or market value.
  • International Financial Reporting Standards (IFRS) requires the FX component to be marked to market resulting in variations in valuations between reporting periods.


FPAM funds rank No.1 versus MSCI’s Central & Eastern European (CEE) Benchmark for the eleven years from the commencement of its operations in Poland in 2005, and for the annualised periods from 2005 to the end of each of the years from 31 December 2008. In addition, FPAM’s UK Pension Property Portfolio (UK PPP) was awarded best “Small Specialist Fund” by MSCI at its UK Property Investment Awards 2017. FPAM was also one of ten fund managers, out of a pool of 95, to be awarded a Data Quality Award by MSCI.

© 2017 First Property Group plc
32 St James’s Street, London, SW1A 1HD.
Registered in England No. 2967020

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