Directly owned property
(including five properties held by FOP)
 No. of
 Book value  Market value  Contribution to
Group profit
before tax period
year to 31-March-17
As at 31 March-2017
Poland 3 £79.2m £90.7m £6.0m
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 % owned by
Book value
of Group’s
share in fund
Market value
of holdings
Group’s share
of pre-tax
profit earned
by fund year to
As at 31 March-2017
Interest in associates
5th Property Trading Ltd (5PT) 37.8% £608,000 £1,058,000 £129,000
Regional Property Trading Ltd (RPT) 28.6% £192,000 £233,000 £45,000
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
Fprop UK Special Opportunities LP (SPEC OPPS) 4.8%
Sub Total £897,000 £897,000 £60,000
TOTAL £5,244,000 £6,164,000 £579,000


  • 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.