First Property sets up £180mln fund to capitalise on Brexit vote slowdown opportunities in commercial property

The firm said the Fprop Offices LP fund – which has a term of seven years - closed its first round of funding on 14 July with equity commitments of £182mln

Recurring revenues underpin record year for First Property

Record profits for property fund manager are clear evidence that focus on sustainable income streams is paying off, chief executive Ben Habib tells Proactive Investors.

First Property notches up record profits

The weakness of sterling against the euro added a layer of extra polish to profits

First Property's Ben Habib 'very pleased' to hang on as league-leading fund manager

Ben Habib, chief executive of First Property Group PLC ( LON:FPO) tells Proactive's Andrew Scott they've retained their position as the best performing fund manager versus MSCI's Central and Eastern European (CEE) Benchmark.

The property fund manager and investor has been in pole position now for eleven years in Morgan Stanley Capital International’s (MSCI) rankings in this category.

First Property keeps its winning streak going in MSCI rankings

The new follows the announcement that First Property's UK Pension Property Portfolio LP was recently awarded best "Small Specialist Fund" by MSCI
Select Year:   All | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009
Investors Chronicle - Investing for bumper gains
Simon Thompson explains his rationale for tipping First Property Group, describing it as “a classic value share with solid asset backing, decent cash generation to provide shareholders with a sustainable dividend and the board with funds to invest wisely, and potential for solid profit growth to drive an earnings multiple expansion.” He can “see potential for more upside too because with directly owned properties providing a solid recurring income stream to support the dividend, cash available for earnings accretive acquisitions, and mandate wins starting to build up new income streams, its prospects look well underpinned.”
Property Funds World - Extension of Permitted Development rights to be applauded
Comment from Ben Habib, Fprop CEO, following the news that the Government intends to make the temporary extension of permitted development rights (PDR) permanent with respect to the conversion of offices to residential use.
Investors Chronicle - In pole position for a re-rating

Simon Thompson reiterates his buy recommendation with a target price of 49p.

Proactive Investors - First Property strategy paying dividends - literally
First Property Group’s prelims last month revealed a period of significant progress...
Investors Chronicle - Bargain Shares updates by Simon Thompson
Run profits at 45p.
Investors Chronicle - First Property keeps shining
“It may be tempting to bank profits, but with the shares on 10 times 2016 forecast earnings and yielding over 3 per cent, we believe the market still hasn’t fully appraised the reliable returns generated by this well-run little group. Buy.”
Investors Chronicle - Running bumper profits
Simon Thompson recommends continuing to “run bumper profits” as Fprop shares still only trade on 9x recurring net earnings, with a realistic chance of earnings upgrades as this year progresses, and are underpinned by a decent dividend yield.
City AM - We can ramp up housebuilding by turning offices into flats - if the planners let us
Guest columnist, Ben Habib, calls on the next government to enact permanent legislation to break the stranglehold of our turgid planning system.
IP Real Estate - Pension funds move quickly on residential conversions
Richard Lowe comments on Fprop's partnership with Towers Watson to convert offices to residential use which delivered a 53% return on equity for its investors.
Investors Chronicle - A quartet of small-cap buys
Simon Thompson updates his medium-term price target to 38-40p and reiterates his buy recommendation, first tipped at 18.5p in his 2011 'Bargain Shares' portfolio.
CoStar - First Property urges PDR extension
CoStar summarises Fprop's statement re: Permitted Development Rights (PDR) in response to Eric Pickle's Planning Update to Parliament published on 25 Mar 2015.
PERE - Towers Watson maiden JV yields stellar return
Towers Watson registers stellar return from its investment with First Property Group.
Investors Chronicle - Shares for Income
Investors Chronicle reviews the case for investing in equities for dividend income, citing First Property Group plc as one of its “favourite dividend shares”.
Investors Chronicle - Punching above its weight
Simon Thompson repeats his buy advice on First Property Group plc shares.
Pensions Expert - Shipbuilding scheme sails towards 10% property allocation
Tom Dines comments on SIPS increased investment commitment with First Property Group.
IP Real Estate - First Property Group awarded BAE pension fund mandate
Russell Handy comments on Fprop's new fund management mandate from BAE’s Shipbuilding Industries Pension Scheme (SIPS).
Shares Magazine - New Year Crib Sheets
Shares Magazine has screened for companies on a price to earnings growth (PEG) ratio of 0.6 or more and First Property Group stands out as the only company on the list to have both a low PEG ratio and a low price to earnings (PE) ratio.
Investors Chronicle - Buy into an Earnings Upgrade
Simon Thompson continues to rate the shares a decent income buy with capital upside and reiterates his upgraded target share price range of 38p to 40p.

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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