Business
Maiden investment for new Opp
Maiden investment for new Opp.
About this update from First Property Group Plc
[{"type":"text","content":"\n RNS Number : 2866U First Property Group PLC 13 October 2010 \n \n\n \nDate: 13 October 2010\nOn behalf of: First Property Group plc (\"First Property\" or the \"Group\")\nEmbargoed: 0700hrs\n \n \nFirst Property Group plc\nMaiden investment for new Opportunity Fund\n \nFirst Property Group plc (AIM: FPO), the AIM-listed property fund management group, today announces that its new Opportunity Fund, (\"Fprop Opportunities plc or FOP\"), which the Group announced it had established on 5 October 2010, has made its first property purchase. \n \nThe asset is a Carrefour hypermarket in Lodz, Poland, which FOP has purchased for a consideration of circa €20 million. The lease has eleven years unexpired and is guaranteed by Carrefour S.A., the French parent company. It is forecast to earn a return on equity invested of approximately 30% per annum. FOP completed the purchase using part of the initial £7 million of equity with which First Property Group PLC capitalised the fund. \n \nFollowing its launch last week, Fprop Opportunities plc remains open to subscriptions. Interested parties should contact Jeremy Barkes on +44 207 731 2844.\n \n \nBen Habib, Chief Executive of First Property Group plc, said: \n\"We are delighted to have completed our maiden investment in FOP; this Carrefour hypermarket is a core asset from which we expect to generate opportunity type returns, commensurate with the objectives of the fund, which is to earn a rate of return on equity and an internal rate of return of 15% per annum or more. We expect to announce further investments in due course, all of which we expect will exceed our minimum 15% per annum target rate of return.\"\n \nFor further information contact:\n \n\n\n\n\nFirst Property Group plc\n\n\nTel: 020 7731 2844\n\n\n\n\nBen Habib (Chief Executive)\nJeremy Barkes (Director, FJB Capital Advisers)\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 (Director Corporate Fina...