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First Property Group

  • BY: Andrew Hore |
  • POSTED: 07/04/2010 |

Property fund manager First Property Group has performed well thanks to its exposure to Poland.

Poland is the only EU country not to go into recession and 90% of the company’s assets under management. First Property believes that Polish property values will recover during the coming year.

The business is spreading its exposure and in February won a mandate to invest £106m in UK property.

The 60%-owned facilities maintenance subsidiary remained profitable even though activity levels were much lower.

First Property says its profit for the year to March 2010 will be in line with expectations when they are issued in early June.

At 18p a share, up 0.5p, First Property is valued at £19.8m.

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