6th Aug 2021 12:09
First Property Group PLC - London-based property fund manager and investor - Says it has established a new fund in association with Fulcrum Asset Management. The fund will invest in commercial property in the UK and Poland, with initial investments focused on retail warehouses, high street shops and offices in the UK.
Initial equity commitments will amount to GBP10 million of which First Property will contribute GBP250,000. First Property will continue to co-invest 2.5% of subsequent equity subscriptions up to a maximum of GBP2.5 million.
Investments by the fund may be leveraged, with a maximum loan amount of 60% of the value of the investments.
First Property will earn annual fees from the new fund calculated by reference to the value of the properties under management. First Property will also be eligible for a performance fee, subject to exceeding an internal rate of return of 8% per year.
Current stock price: 31.10 pence
Year-to-date change: down 17%
By Amrit Sahota; [email protected]
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