News and Press Releases

Ben Habib, CEO expects more trading profits going forwards – “where there is volatility there is always opportunity” – and points out that the Group has cash with which to take advantage. He also highlights the “carry trade” resulting from higher interest rates in Poland and Romania, which should benefit those economies and therefore their commercial property markets.
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Jeremy Naylor interviews Fprop CEO Ben Habib on the Group’s interim results for the six months to 30 September 2021.

Simon Thompson of IC updates his buy recommendation, highlighting new balance sheet deals, fund extensions and launches, and the discount to sum-of-the-parts-valuations. He concludes by saying; “In fact, I am more bullish now given the improvement in investor sentiment in the commercial property market which augurs well for First Property being able to pull off further smart deals. Buy.”

Interim results for the six months to 30 September 2021.

Our Annual General Meeting (AGM) can be watched back here.

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.

Jeremy Naylor interviews Fprop CEO Ben Habib on the Group’s preliminary results for the financial year to 31 March 2021. (13m, 34s)

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

Fprop CEO Ben Habib discusses the group’s financial results for the year to 31 March 2021