Wholly owned properties and consolidated undertakings
 No. of
properties
held
 Book value  Market value  Contribution to Group profit
before tax period
to 30 Sept 2019*
As at 30 September 2019
Poland (Offices) 3 £72.5m £83.9m £2.6m
Poland (Convenience retail) 4 £5.2m £5.5m £0.1m
Romania (Office and logistics) 2 £4.2m £6.9m £0.1m
TOTAL 9 £81.9m £96.3m £2.8m

* Prior to the deduction of direct overhead and unallocated central overhead expenses.


Non-controlling interests in funds managed by FPAM % owned by
Group
Book value
of Group’s
share in fund
Market value
of holdings
Group’s share
of post-tax
profits earned
by fund to
30 Sept 2019
As at 30 September 2019
Associates
5th Property Trading Ltd (5PT) 37.8% £1,053,000 £1,206,000 £73,000
RPT/E&S *** ** ** ***£(9,000)
Fprop Romanian Supermarkets Ltd (FRS) 24.1% £161,000 £268,000 £11,000
FOP 40.0% £10,572,000 £10,722,000 £(751,000)
Fprop Galeria Corso Ltd (FGC) 28.2% £2,214,000 £2,530,000 £156,000
Fprop Krakow Ltd (FKR) 18.1% £1,379,000 £1,910,000 £97,000
Fprop Cluj Ltd (FCL) 17.4% £501,000 £480,000 £43,000
Fprop Phoenix Ltd (FPL) 23.4% £2,057,000 £9,909,000 £,000
Sub Total £17,937,000 £27,025,000 £1,139,000

** With effect from 1 August 2018 RPT and E&S were transferred to Group Properties;

*** Representing the Group’s 28.6% share of the loss from its associate in RPT/E&S prior to its consolidation into the accounts of the Group on 1 August.

 Investments
 UK Pension Property Portfolio LP (UK PPP)  0.9%  £799,000  £799,000  £33,000
 Fprop UK Special Opportunities LP (SPEC OPPS)  4.8%  £553,000  £553,000  £32,000
 Fprop Offices LP  1.6%  £1,954,000  £1,954,000  £67,000
 Sub Total  £3,306,000 £3,306,000   £132,000
TOTAL £21,243,000 £30,331,000 £1,271,000

 

  • 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.