26th Sep 2013 20:12
LONDON (Alliance News) - Commercial property fund First Property Group PLC Thursday said it has secured planning permission to convert its recently acquired office buildings to residential use.
In an annual general meeting Thursday, the firm said after their conversion, which should enhance their value, it plans to sell or develop the properties.
"Given the recovery in the residential market we expect to undertake a series of such transactions, probably in joint venture with third party investors," Chairman Alasdair Locke told attendees.
The company said it is also seeking to expand its UK commercial property investment fund activities and to grow Fprop Opportunities PLC's assets under management in Poland.
Client funds have performed well, the firm added, while funds under management remain broadly stable at GBP348.3 million at the end of August 2013
Trading is in line with expectations, it said, and the company will publish its interim results on 27 November.
The stock closed at 21.77 pence Thursday, up 0.65 pence or 3.1%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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