At First Property we believe in investing in high yielding commercial investment property. When property values fall, yields increase and we consider buying. When property values rise, yields reduce and we consider selling.

Funds which are in their investment phase or have not yet expired

  • Implied IRR’s: assumed sale price = NAVs as at 30 Sept 2023;
  • ROE’s since inception: calculated using average pre-tax income per FY dividend by original equity employed;
  • ROE’s for 2023/24: calculated using annualised pre-tax income for FY dividend by original equity employed.

Funds which have been wound up and cash returned to investors

We credit our recognition of the importance of high sustainable income returns as the key reason for our market leading track record. We also recognise the need to continually monitor macro and micro changes in our markets and to adapt our asset management approach accordingly. These points are exemplified by: