Business
New fund management mandate for investment in UK
New fund management mandate for investment in UK.
About this update from First Property Group Plc
[{"type":"text","content":"\n \nRNS Number : 1909U First Property Group PLC 16 January 2017 \n\n\n\n\n\nDate:\n\n\n16 January 2017\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 \nNew fund management mandate for investment in UK\n \nFirst Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to announce that it has, in association with Christ Church, Oxford, St Catherine's College, Oxford, and Robinson College, Cambridge, established a new fund, Fprop UK Special Opportunities LP, to invest in commercial property in the United Kingdom. Equity commitments made by the colleges to the fund amount to £14.5 million. In addition First Property has made a commitment of £725,000. \n \nInvestments by the fund may be leveraged, with a maximum loan amount of 50% of the value of the investments. The fund therefore has a total buying power of just over £30 million. First Property Group will earn annual fees from the new fund calculated by reference to the value of the properties under management.\n \nCommenting on the new fund, Ben Habib, Chief Executive, said:\n \n\"We are delighted to announce the establishment of Fprop UK Special Opportunities LP on behalf of a group of Oxford and Cambridge colleges. The fact they have chosen to partner with us in this endeavour is testament, amongst other things, to the excellent track record of the Group.\n \n\"The fund aims to invest in higher yielding commercial property investments with development angles or other ways in which to enhance value. The economy of the UK is robust and we anticipate that this strategy will yield healthy returns for its investors. The establishment of this fund, so shortly after our recent announcement on SIPS, illustrates the momentum building within our fund management division.\"\n \n \n-Ends- \n \nFor further information please contact:\n \n\n\n\n\nFirst Property Group plc \n\n\nTel: +44 (20) 7340 0270\n\n\n\n\nBen Habib (Chief Executive Officer)\nGeorge Digby (Group Finance Director)\nJeremy Barkes (Director, Business Development)\n\n\nwww.fprop.com\[email protected]\n\n\n\n\n\n\n\n\n\n\n\n\nArden Partners (NOMAD & Broker)\n\n\nTel: + 44 (20) 76...