News blog
First Property Group
- BY: Andrew Hore |
- POSTED: 11/06/2012 |
Property fund manager First Property Group has increased the UK exposure of the funds it manages and has received expressions of interest for a new high yielding UK fund.
Total funds under management were flat at £365m but the UK exposure has risen from 22% to 27%. First Property’s strategy assumes that the UK property market will remain weak. The focus is retail warehouses which have recently been let and have low rents. The company is avoiding central London.
Most of the funds under management are still in Poland, where the economy is growing. First Property dirctly owns two properties in Poland and they contributed £1.07m to pre-tax profit last year.
Revenues were 31% higher at £9.34m in the year to March 2012 thanks to full contributions from all its funds, while pre-tax profit rose by 35% to £3.97m.
The total dividend has been edged up from 1.06p a share to 1.08p a share. The dividend has been increased every year since 2008.
At 17p a share, First Property is valued at £18.9m. The company’s NAV is £17.4m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2012_32.pdf
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