03 Sep 2021
The Property Chronicle: The outlook for CEE commercial property
Ben Habib argues that the Polish economy is a direct beneficiary of the “carry trade” resulting from continued quantitative easing, and that investment in its property market is an obvious way to benefit from this. However, fast-growing markets can be difficult to navigate and a two-tier market for commercial property exists in Poland. Most of the weight of money is focused on large lot sizes with long leases, where yields are tight. As lease lengths shorten, the capital value of such property deteriorates. We tend to avoid this segment of the market, focusing instead on property where we can add value by buying at lower prices off lower rents, and extending leases and refurbishing where necessary. When leverage is added, double digit per annum returns are easily achievable from rental income alone, with the potential of a further boost from capital gain.
29 Jun 2021
28 Jun 2021
Investors Chronicle: Investor overreaction presents buying opportunity
Simon Thompson sets out his reasons for a “Recovery Buy” saying “…the shares trading on a huge 40 per cent discount to proforma NAV (after factoring in €9m debt write-off after the financial year-end), the rating fails to acknowledge the track record of a management team that has delivered 12.8 per cent annual growth in adjusted net assets including dividends since 2011.”
Simon Thompson: Investor overreaction presents buying opportunity https://t.co/YuqQYpJmZO
— Investors’ Chronicle (@IChronicle) June 24, 2021
25 Jun 2021
Fprop Plc Preliminary Results 2021
07 Dec 2020
Mike Ashley criticised by First Property Group for refusing to pay store rents but offering £50m lifeline to Arcadia
Mr Habib told The Telegraph: “I was interested to read that Mr Ashley has offered [Sir] Philip Green a £50m loan. Especially interested, in fact, as Mr Ashley’s Frasers Group currently owes a pension fund, on whose behalf I manage property, hundreds of thousands of pounds in unpaid rent.
“Buying distressed assets and saving jobs is a positive thing. But if you are simultaneously refusing to honour your debts, you are in effect buying them with other people’s capital. In this case, that of vulnerable pensioners. In the midst of a pandemic, this is inexcusable.”
Mike Ashley criticised by landlord for refusing to pay store rents but offering £50m lifeline to Arcadia, First Property Group warns of legal action next year if the bill is not paid https://t.co/b8Y9026Wpi#HighStreet #Arcadia #retailnews #BusinessNews
— Retail Gazette (@retailgazette) December 2, 2020
30 Nov 2020
Simon Thompson: A quartet of value opportunities
He concludes: “Trading on a modest PE ratio of 9 and offering a near 5 per cent dividend yield, expect the hefty discount to book value to narrow as the cash pile is deployed. Buy.”
Simon Thompson: A quartet of value opportunities https://t.co/d2Xfu2ZHuq
— Investors Chronicle (@IChronicle) November 30, 2020
27 Nov 2020
Letter to investors: Interim Results and interview with Ben Habib
26 Nov 2020
Fprop interim results for the six months to 30 September 2020
Interim Results for the six months to 30 September 2020. Download the accompanying presentation here. Presented by Jeremy Barkes, Business Director, Ben Habib, CEO, and Laura James, Finance Director.
26 Nov 2020
IGTV: Ben Habib interviewed on interim results and markets
18 Nov 2020
Ben Habib on the ‘Share Talk’ Podcast
First Property Group CEO Ben Habib on the Share Talk Ltd podcast.
He said: “We’ve got £21m sitting in the bank and we will deploy that along with our client money to find assets that we think are undervalued or have real growth potential coming out of the pandemic.”
— Share_Talk ™ (@Share_Talk) November 18, 2020
06 Nov 2020
Daily Express: Fprop CEO Calls for Business Rates Reform
Writing in The Daily Express, Fprop CEO Ben Habib renews his calls for business rates reform to aid retail and hospitality.
“Unless action is taken soon, ministers will be directly responsible for a wave of failed firms and redundancies when the rates ‘holiday’ ends,” he says.
“Unless action is taken soon, ministers will be directly responsible for a wave of failed firms and redundancies when the rates ‘holiday’ ends.”https://t.co/juFQAMohxO
— First Property Group (@FpropPlc) November 6, 2020
16 Oct 2020
Ben Habib: Covid is an opportunity to scrap business rates altogether
He writes in City AM: “By its nature, the burden of this tax falls hardest on startups, small companies, and businesses experiencing difficulties. They have little income and often have to bear this tax out of capital — which is also, more often than not, scarce.”
— City A.M. (@CityAM) October 16, 2020
Adding: “Calls for change are growing louder, and will reach a shriek when the March rates reintroduction takes its damaging hold. But by then it will be too late. The government must act now, and act boldly.”