Business
Extension of UK fund management contract
Extension of UK fund management contract.
About this update from First Property Group Plc
[{"type":"text","content":"\n \nRNS Number : 9719P First Property Group PLC 24 February 2016 \n\n\n\n\n\nDate:\n\n\n24 February 2016\n\n\n\n\nOn behalf of:\n\n\nFirst Property Group plc (\"First Property\", \"the Company\" or the \"Group\")\n\n\n\n\nEmbargoed:\n\n\n0700hrs\n\n\n\n\n \nFirst Property Group plc \nExtension of UK fund management contract\n \nFirst Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to announce that the limited partners in UK Pension Property Portfolio LP (UK PPP LP), a fund managed by the Group, which was due to mature on 5 February 2017, have agreed to extend its life by five years to 5 February 2022. \n \nThe twenty one properties owned by UK PPP LP are located across the UK and valued at some £100 million in total. UK PPP LP, which is un-geared, is generating a dividend yield of some 6.5% per annum for its partners.\n \n-Ends- \n \nFor further information please contact:\n \n\n\n\n\nFirst Property Group plc\n\n\nTel: 020 7340 0270\n\n\n\n\nBen Habib (Chief Executive & Chief Investment Officer)\nGeorge Digby (Group Finance Director)\nJeremy Barkes (Director, Business Development)\n\n\nwww.fprop.com \n\n\n\n\n\n\n\n\n\n\n\n\nArden Partners\n\n\nTel: 020 7614 5900\n\n\n\n\nChris Hardie/ Ben Cryer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRedleaf Communications \n\n\nTel: 020 7382 4747 \n\n\n\n\nHenry Columbine / Susie Hudson\n\n\[email protected]\n\n\n\n\n \n \nNotes to Investors and Editors:\n \nFirst Property Group plc is a property fund manager and investor with operations in the United Kingdom and Central Europe. Its earnings are derived from:\n \n· Fund management - via its FCA regulated and AIFMD approved subsidiary, First Property Asset Management Ltd (FPAM), which earns fees from investing for third parties in property:\n \no Management fees are levied by reference to the value of properties under management;\no Performance fees are levied where appropriate, usually payable upon realisation of profits above an agreed hurdle. \n \n· Group Properties - principal investments by the Group, to earn a return on its own capital, usually in partnership with third parties. \n \nFPAM funds have ranked No.1 versus the Investment Property Databank (IPD) Central...