Business
UK Property Acquisitions
UK Property Acquisitions.
About this update from First Property Group Plc
[{"type":"text","content":"\n \nRNS Number : 8020J First Property Group PLC 22 July 2013 \n \n\n \n \n\n\n\n\nDate:\n\n\n22 July 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 \nUK Property Acquisitions \n \nFirst Property Group plc (AIM: FPO), the commercial property fund management group, announces that it has acquired a vacant office building in Bracknell, Berkshire and six largely vacant office buildings in Old Woking, Surrey, for a total net (of VAT) cash consideration of £3.4million including stamp duty and acquisition costs, from Group resources. The buildings comprise some 55,000 square feet of net usable area in total. The Company intends to convert both properties to residential use.\n \nThese acquisitions represent a return by the Company to development activities in the UK, the last development having been undertaken in 2003. There is currently a significant oversupply of offices in regional locations in the UK but a relatively buoyant residential market. The Company therefore believes that a good opportunity exists to acquire redundant office blocks with a view to converting these to residential use. \n \nThe Company hopes to acquire a number of such office blocks if they can be acquired on the right terms. Additional purchases are likely to be made in joint venture with third party investors via a fund structure.\n \nFollowing these purchases the Group will have £10.8million in cash on its balance sheet, of which £8.5million is held by Fprop Opportunities plc (FOP).\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 5900\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 commercial property fund manager with operati...