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First Property says full-year profits to be in-line with market expectations before disposal profit

The AIM-listed group said its funds under management at the year-end amounted to £475mln, up from £353mln in 2016.
First Property building
On March 28, First Property revealed that it has sold off one of its Romanian properties for a total consideration of €3.2mln

The property fund manager and investor First Property Group PLC (LON:FPO) expects its full-year trading and pretax profits to be in line with market expectations prior to a profit on the sale of a Romanian property announced at the end of March.

In a trading update, the AIM-listed group said its funds under management at the year-end amounted to £475mln, up from £353mln in 2016, of which some £313mln, or 65% were client funds, an increase of 60% from the prior year.

READ: First Property books €1mln disposal profit …

Ben Habib, First Property’s CEO said: "The Group is trading well across the board.

“Our fund management division has entered a new growth phase, with third party assets under management increasing by some 60% over the last year, and set to continue to grow.” 

He added: "The markets in which we operate are generally buoyant and offering interesting investment opportunities on which we hope to capitalise."

The group is scheduled to announce its preliminary results for the year to 31 March 2017 on June 8.

On March 28, First Property revealed that it has sold off one of its Romanian properties for a total consideration of €3.2mln.

The group said the sale of the logistics warehouse in Ploiesti – one of the group’s three directly-held properties in Romania – will result in a profit before tax of €1mln.

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First Property Group PLC Timeline

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In Romania, the group has said the outlook is “strong” and that it would be looking to growing its presence there, although in March it sold off one of its Romanian properties

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