First Property Group, the commercial property fund management group, is continuing to trade well and in accordance with expectations, according to chairman Alasdair Locke.
“Client funds have also performed well,” says Locke (pictured). “Funds under management remain broadly stable at GBP348.3m as at 31 August 2013 (31 March 2013: GBP353m).
“As announced on 22 July 2013, the group has acquired two office buildings. Since their acquisition we have secured planning permission to convert them to residential use which should materially enhance their value. We intend either to sell or develop the buildings. Given the recovery in the residential market we expect to undertake a series of such transactions, probably in joint venture with third party investors.
“We are also seeking to expand our UK commercial property investment fund activities and to grow Fprop Opportunities plc’s assets under management in Poland. We hope to report positively on both these efforts in due course.
“We expect to report our interim results on Wednesday 27 November 2013.”