First Property FuM jump a quarter in six months

First Property FuM jump a quarter in six months

First Property Group has seen a 24 per cent boost in funds under management over the past six months.

The property manager’s funds under management for the year ending 31 March amounted to £352m, a jump from the £283m figure announced in its interim results on 30 September.

Of this figure, around £156m was held by Group Properties - its principal investment - and Poland-based investment fund Fprop Opportunities, of which the company has a 76.2 per cent stake.

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Ben Habib, chief executive of First Property Group, said the group is trading well across the board, pointing to the increase in the number and value of assets under management.

He said the group has benefitted from a full year of contributions from both Group Properties and Fprop in the previous year. “These investments have all yielded income at or above our expectations at the time of their purchase and are, without exception, valued at levels exceeding their acquisition prices,” he said.

“The markets in which we operate are generally buoyant and offering interesting investment opportunities which we hope to capitalise on.”

The group, which earns fees from investing for third parties in property, will announce its preliminary results on 9 June where it will disclose its trading and profit before tax for the year to 31 March 2016.