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First Property Group

• BY: Andrew Hore |
• POSTED: 08/02/2010 |
• COMMENTS: Add yours

Property investment manager First Property Group has raised £106m for a new UK property investment fund.

The UK Pension Property Portfolio will invest in well-let and slightly higher yielding commercial properties. First Property is investing £1m of its own money in the fund and will receive annual fees based on the value of properties under management. It will also get performance-based fees.

The fund, whose investors are UK pension clients of Stamford Associates, will invest in properties worth between £3m and £15m.

The latest fund will take assets under management to around £400m. First Property is keen to raise a fund to invest in Poland.

First Property reported a small dip in interim pre-tax profit from £1.77m to £1.56m, mainly due to lower interest income. The interim dividend was increased by 3% to 0.31p a share.

House broker Arden forecasts a full year profit of £2.72m in 2009 and a total dividend of 1.03p a share.

At 17.25p a share, up 1p on the day, First Property is valued at £18.6m.

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