First Property Group said assets under management rose 43% to £215 mln (EUR 315 mln ) in the first 5 months of 2007, with a further pipeline of assets expected over coming months. 'The primary markets in which we operate continue to deliver exciting investment prospects, particularly in Poland where there is a sustained level of high economic growth and low inflation,' chief executive Ben Habib said in a statement released ahead of First Property's annual general meeting.
First Property Group said assets under management rose 43% to £215 mln (EUR 315 mln ) in the first 5 months of 2007, with a further pipeline of assets expected over coming months. 'The primary markets in which we operate continue to deliver exciting investment prospects, particularly in Poland where there is a sustained level of high economic growth and low inflation,' chief executive Ben Habib said in a statement released ahead of First Property's annual general meeting.
The UK company said that new properties it had acquired included a light industrial and logistics centre in the Tri-city region in Poland, the Oxford Tower office block in the central business district of Warsaw, a mixed-use retail and office block in the Zoliborz area of Warsaw, an industrial facility in Poznan, Poland and 2 logistics warehouses in Romania.
The company says it is has continued with a strategy of focusing on asset management, where the visibility of revenues is far greater. It said that its facilities management business, in which it acquired a 60% stake in February 2006, has performed well to date and is expected to make a strong contribution to its business this year. First Property now manages 22 properties in Poland and three in Romania.
