Business
Sale of Woking office property by the Group
Sale of Woking office property by the Group.
About this update from First Property Group Plc
[{"type":"text","content":"\n \nRNS Number : 5057V First Property Group PLC 16 December 2013 \n\n\n\n\n\nDate:\n\n\n16 December 2013\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 \n \nSale of Woking office property by the Group \n \nFirst Property Group plc (AIM: FPO), the property fund management group, is pleased to announce that it has unconditionally exchanged contracts for the sale of the office property it acquired in Woking on behalf of the Group earlier this year. The property was acquired at a total cost of £2.46 million and the sales price agreed is £6 million in cash, generating a gross profit for the Group of some £3.1 million, after the deduction of sale costs. Completion of the sale is due to take place on 18 December 2013. \n \nProceeds of the sale shall be used by the Group to invest in the development of its business. \n \nFollowing the sale the Group's cash balance will be approximately £14.0 million, of which some £7.2 million is held within Fprop Opportunities plc (FOP). The cash balance of the Group at 30 September 2013 was £10.6 million.\n \nCommenting on the sale, Ben Habib, Chief Executive of First Property Group, said:\n \n\"This has been the Group's first development project in the UK since 2003. Having secured planning permission for conversion to residential use, we are pleased to be able to realise a significant profit on our investment, which demonstrates the Group's flexibility and breadth of expertise across the spectrum of property markets.\" \n \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)\n\n\nwww.fprop.com \n\n\n\n\nJeremy Barkes (Director, Business Development)\n \n\n\[email protected] \n\n\n\n\nArden Partners\n\n\nTel: 020 7614 5917\n\n\n\n\nChris Hardie (Director Corporate Finance) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRedleaf Polhill\n\n\nTel: 020 7382 4747\n\n\n\n\nGeorge Parrett / Henry Columbine\n\n\[email protected] \n\n\n\n\n \nNotes to investors and editors:\n \nFirst Property Group plc is a property fund manager with operations in the...