First Property funds under management slip in recent trading
First Property Group reported further leasing and transaction activity in a trading update on Tuesday.
The AIM-traded firm, which was holding its annual general meeting, said that since its financial year-end on 31 March, it had leased additional space at its office building in Gdynia, Poland, increased its share in Blue Tower, Warsaw, by 32% to 80%, and sold a property owned directly by the group in Tureni, Romania.
Chairman Alasdair Locke said total funds under management as at 31 August, including properties owned directly by the group, amounted to £547.5m, compared to £558.7m at the end of March.
“The reduction of £11.2m from the financial year-end is due to the sale of three properties in the United Kingdom for £21.1m by funds managed by First Property Asset Management, and the sale of the group's directly-owned warehouse in Tureni, Romania for £3.05m,” Locke told shareholders.
“These sales were offset by, inter alia, the purchase by the group of a further 32% of Blue Tower, Warsaw for £7.2m.”
Third-party funds under management as at 31 August totalled £499.4m, First Property said, down from £516.5m at the end of March.
“Group cash as at 21 September amounted to £6.34m,” Locke added, down from £6.42m on 31 March, equating to 5.75p, falling from 5.81p over the same period.
At 1455 BST, shares in First Property Group were down 0.73% at 27.3p.
Reporting by Josh White at Sharecast.com.