25th Feb 2014 10:57
LONDON (Alliance News) - First Property Group PLC Tuesday said its new partnership Fprop PDR has raised GBP25.4 million in cash commitments from clients of an unnamed global investment business bringing its total cash resources to GBP41 million.
Fprop PDR has completed the purchase of an office block in Birmingham and has exchanged contracts to purchase another in Camberley, Surrey with future acquisitions expected in the near term.
First Property has, as part of funds raised, made a commitment of GBP2 million to Fprop PDR. Staff, family and friends of First Property Group have also committed GBP1.4 million to the partnership.
The stock was trading at 29.45 pence Tuesday morning, up 0.95 pence or 3.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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