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First Property

  • BY: Andrew Hore |
  • POSTED: 22/10/2007 |

First Property’s asset management business is performing strongly and will help the company beat expectations in the year to March 2008. 

Assets under management rose 58% to £238m in the six months to September 2007. In May 2007 the Universities Superannuation Scheme increased its investment mandate from £50m to £100m. That will eventually lead to a three times geared portfolio of £400m. It will reach full investment in around 18 months time.

The USS fund is being invested in central and eastern Europe. It has been particularly successful in Poland and hasn’t seen any negative impact from the credit crunch. First Property is now FSA registered.

House broker Arden increased its full year profit forecast from £2.2m to £2.8m. The figure includes performance fees for the USS fund. This is the third upgrade this year. It also increased its forecast for the year to March 2009 from £2.9m to £3.1m but that figure doesn‘t include an estimate for performance fees.

The shares rose 2.75p to 20.25p, which is 12 times 2007-08 forecast earnings. 

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