First Property Group - Completion of sale of Group Property in Poland
On behalf of:
Completion of sale of Group Property in
Further to the announcement made by
Key metrics of the sale are set out below:
- Sales price:
- Profit on sale:
- Cash generated on sale:
- Internal Rate of Return earned from the investment since its acquisition in 2014: 63% per annum.
The sale comes at an excellent time for the Group given the uncertainty created by the economic shutdowns across the Globe prompted by Covid-19. The significant cash generated by the sale underpins the Group and provides it with significant resources with which to make investments in what is likely to become an interesting investment market. It is intended for the cash to be used in partnership with clients of the Group. This should significantly increase the equity available to make investments to above
Commenting on the sale,
"The timing of the sale of CH8 as well as the returns and free cash generated by it are testimony to the agility and skill of the Group's management team. This has been demonstrated repeatedly over the years since I established the business in 2000.
"The cash released by this sale both protects shareholder interests at a time of extreme financial uncertainty and positions the Group to make significant new investments at a time when the market should become much more interesting.
"The sale is nothing less than transformational and I am delighted by it."
For further information please contact:
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Tel: +44 (20) 7340 0270
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Tel: +48 (22) 331 7676
Arden Partners (NOMAD & Broker)
Tel: + 44 (20) 7614 5900
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Tel: + 44 (20) 3757 6880;
Notes to Investors and Editors:
· Fund management - via its
Listed on AIM the Company has offices in
This information is provided by RNS, the news service of the
Quick facts: First Property Group PLC
Market Cap: £43.6 m
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