First Property Group PLC Increased investment commitment by SIPS (4519L)
October 03 2016 - 2:00AM
UK Regulatory
TIDMFPO
RNS Number : 4519L
First Property Group PLC
03 October 2016
Date: 3 October 2016
On behalf First Property Group plc ("First
of: Property", "the Company" or the "Group")
Embargoed: 0700hrs
First Property Group plc
Increased investment commitment by SIPS
First Property Group plc (AIM: FPO), the property fund manager
and investor, is pleased to announce that the Shipbuilding
Industries Pension Scheme (SIPS) has increased its minimum
commitment to the fund managed on its behalf by First Property
Asset Management Ltd (FPAM) from GBP125 million to GBP170 million.
This account was established in January 2015 to invest in income
producing property in the United Kingdom.
As at 30 September FPAM had drawn down GBP112 million of this
commitment and is in negotiations to invest in several additional
opportunities.
Commenting on this increased commitment by SIPS, Ben Habib,
Chief Executive, said:
"The current volatility in the market has created a very
attractive investment environment for us, and as a niche, proactive
fund manager and investor we are ideally positioned to benefit from
the opportunities that arise.
"I am delighted that the Shipbuilding Industries Pension Scheme
has increased its commitment to GBP170 million so that we may take
advantage of these market opportunities. I am also flattered by
their continued endorsement of our management team and we look
forward to continuing to deliver good returns for them."
-Ends-
For further information please contact:
First Property Group plc Tel: +44 (20)
7340 0270
Ben Habib (Chief Executive www.fprop.com
Officer) investor.relations@fprop.com
George Digby (Group Finance
Director)
Jeremy Barkes (Director,
Business Development)
Arden Partners (NOMAD & Broker) Tel: + 44 (20)
7614 5900
Chris Hardie (Director, Corporate
Finance)
Ben Cryer (Corporate Finance)
Redleaf Communications (PR) Tel:+ 44 (20)
7382 4734
Rebecca Sanders-Hewett / firstproperty@redleafpr.com
Henry Columbine / Susie Hudson
Notes to Investors and Editors:
First Property Group plc is a property fund manager and investor
with operations in the United Kingdom and Central Europe. Its
earnings are derived from:
-- Fund management - via its FCA regulated and AIFMD approved
subsidiary, First Property Asset Management Ltd (FPAM), which earns
fees from investing for third parties in property:
o Management fees are levied by reference to the value of
properties under management;
o Performance fees are levied where appropriate, usually payable
upon realisation of profits above an agreed hurdle.
-- Group Properties - principal investments by the Group, to
earn a return on its own capital, usually in partnership with third
parties.
FPAM funds rank No.1 versus MSCI's Investment Property Databank
(IPD) Central & Eastern Europe (CEE) Benchmark for the ten
years from the commencement of its operations in Poland in 2005 to
31 December 2015, and for the annualised periods from 2005 to the
end of each of the years between 31 December 2008 and 31 December
2015.
First Property Asset Management Limited is authorised and
regulated by the Financial Conduct Authority. Further information
about the Company and its products can be found at:
www.fprop.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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