| Directly owned Group properties (at Market Value) | UK | Poland | Romania | Total | % of Total |
| As at 31 March 2025 | |||||
| Offices | £50.22m | £36.08m | £8.04m | £94.34m | 57.5% |
| Retail warehousing | £6.55m | – | – | £6.55m | 4.0% |
| Shopping centres | – | £11.89m | – | £11.89m | 7.3% |
| Supermarkets | – | £51.13m | – | £51.13m | 31.2% |
| TOTAL | £56.77m | £99.10m | £8.04m | £163.91m | 100% |
| % of Total | 34.6% | 60.5% | 4.9% | 100.0% |
| 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 31 March 2025 |
| As at 31 March 2025 | ||||
| Associates | ||||
| FOP | 45.7% | £13,482,000 | £13,482,000 | £944,000 |
| Fprop Galeria Corso Ltd (FGC) | 29.1% | £3,211,000 | £3,92,000 | £202,000 |
| Fprop Krakow Ltd (FKR) | 18.1% | £962,000 | £962,000 | (£128,000) |
| Fprop Phoenix Ltd (FPL) | 23.4% | £1,733,000 | £1,748,000 | £1,733,000 |
| Fprop Cluj Ltd (FCL) | 21.2% | £676,000 | £781,000 | £2,000 |
| Sub Total | £20,064,000 | £20,935,000 | £2,798,000 |
Investments
| UK Pension Property Portfolio LP (UK PPP) | 0.9% | £25,000 | £25,000 | £55,000 |
| Fprop Fulcrum Property LP (FUL) | 1.3% | £143,000 | £143,000 | – |
| Fprop UK Special Opportunities LP (SPEC OPPS) | 11.1% | £1,158,000 | £1,158,000 | £367,000 |
| Fprop Offices LP | 1.6% | £344,000 | £344,000 | – |
| Sub Total | £1,670,000 | £1,670,000 | £422,000 | |
| TOTAL | £21,734,000 | £22,605,000 | £3,211,000 |
It is the accounting policy of the Group to carry its 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.