We are an award-winning
property fund manager and
investor with operations
in the United Kingdom,
Poland and Romania.
We specialise in investing in high yielding commercial investment property. When property values fall, yields increase and we consider buying. When property values rise, yields reduce and we consider selling.
Our Business at a Glance
Properties managed, of which 7 are directly owned
Employees in 2 offices in London and Warsaw
Total Assets Under Management
Funds under management,
1 new fund in
FY 2022
Offices in London and Warsaw
Group cash
Employees in 2 offices in London and Warsaw
Properties managed, of which 7 are directly owned
Group cash
Funds under management,
1 new fund in
FY 2022
Total Assets Under Management
Offices in London and Warsaw
Chief Executive’s Statement
BEN HABIB, Chief Executive
Our Strategy
Read moreDeliver sustainable revenue
Achieve overall
growth with an
equal balance
between the two
operating divisions
Active
approach
to asset
management
Remain
flexible
Capitalise
on market
opportunities
Deliver sustainable revenue
Achieve overall growth with an equal balance between the two operating divisions
Active approach to asset management
Remain flexible
Capitalise on market opportunities
Our Markets
United Kingdom
The values of offices have been adversely impacted by changing working habits. However, the supply of offices has also reduced due to conversions to alternative uses and a substantial increase in building costs. Any increase in tenant demand should therefore result in rental growth.
Poland
Investment demand for commercial property has abated but continued economic growth and an influx of refugees and businesses from Ukraine should sustain occupational demand. Meanwhile, the effects of inflation, in particular in the cost of building materials and labour (which far exceeds the general rate of inflation), should curtail new supply forcing rents to rise.
Read moreNumber of properties in the UK
Number of properties in Poland
Number of properties in Romania
Performance Review
First Property Group plc is an award-winning property fund manager and investor with operations in the United Kingdom and Central Europe. Its focus is on higher yielding commercial property with sustainable cash flow.
The Group operates via two divisions:
Our fund management division earns fees from investing for third parties in property via its FCA regulated and AIFMD approved subsidiary, First Property Asset Management Ltd (FPAM). Third-party assets under management ended the year at £516.5 million (31 March 2021: £527.2 million). The decrease was attributable to sales of properties valued at some £32.7 million offset by purchases of properties worth some £10.0 million and an increase in the value of the remainder of the portfolio of some £12.0 million.
Third-party assets under management by sector
£516.5m
Division Revenue
£4.04m+19%
(2021: £3.39m)
Group Properties comprised seven directly owned commercial properties in Poland and Romania valued at £42.24 million
(31 March 2021: seven valued at £41.57 million) and interests in eleven of the thirteen funds (classified as Associates and Investments) in which the Group’s share is valued at £30.60 million (31 March 2021: £27.47 million).
The contribution to Group profit before tax and unallocated central overheads from this division was £8.60 million (2021: loss £5.14 million) representing 85.70% profit before unallocated central overheads and tax.
Market Value of directly owned Group Properties by sector
£42.2m
Division Revenue
£4.60m-47%
(2021: £8.73m)
Operating Responsibly
Read moreEnvironmental
We carefully manage our environmental impact and work with our tenants, suppliers and business partners to manage buildings in ways that will enhance the health of our environment. We will achieve this by improving the environmental performance of our buildings and reduce operational costs.
Environmental
40,757 tCO2e
Operational carbon footprint FY 2022 in tons of carbon emitted
Social
We strive to be a good employer, a trusted business partner and a good corporate citizen. We want to make a positive contribution to our local communities.
Social
890m2
Space donated to accommodate Ukrainian refugees
Governance
We evolve our governance practices in line with our strategy and business model and the relevant laws and regulations where we operate.
Governance
- We have a new Sustainability Manager, Ben Kerrison.
- We have published a Responsible Investment Policy.
- We have formed a new ESG Steering Committee.
Environmental
We carefully manage our environmental impact and work with our tenants, suppliers and business partners to manage buildings in ways that will enhance the health of our environment. We will achieve this by improving the environmental performance of our buildings and reduce operational costs.
Environmental
40,757 tCO2e
Operational carbon footprint FY 2022 in tons of carbon emitted
Social
We strive to be a good employer, a trusted business partner and a good corporate citizen. We want to make a positive contribution to our local communities.
Social
890m2
Space donated to accommodate Ukrainian refugees
Governance
We evolve our governance practices in line with our strategy and business model and the relevant laws and regulations where we operate.
Governance
- We have a new Sustainability Manager,
Ben Kerrison. - We have published a Responsible
Investment Policy. - We have formed a new ESG Steering Committee.
Finance Director’s Review
LAURA JAMES, Group Finance Director
A financial year dominatedRead more
by an exceptional gain from the restructure
of a finance lease.
Strategic Report
Governance