10th Aug 2015 06:58
LONDON (Alliance News) - First Property Group PLC on Monday said it has completed the sale of the last remaining investment in its Fprop PDR LP vehicle.
The final investment, an office park in Uxbridge, will result in a GBP1 million uplift to the company's profit for 2015.
"Our strategy to invest in redundant offices with the intent of converting them to residential use, utilising Permitted Development Rights, has generated high rates of return for our fund investors as well as First Property shareholders, and has done so in a manner consistent with the government's aim of boosting the supply of affordable homes on brownfield land," said Chief Executive Ben Habib.
By Sam Unsted; [email protected]; @SamUAtAlliance
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