News and Press Releases

Simon Thompson recommends shareholders take up their allocation in the deeply discounted open offer. He notes that “pro-forma NAV of £47.4mn equates to a fully diluted NAV per share of 31.5p, implying the shares are priced on less than half book value, a high level of risk aversion.” He adds that “a more benign interest rate environment could spark interest in deep value property plays and First Property is one for the watchlist.”

Simon Thompson notes “the widening of the share price discount to NAV from 42 to 61 per cent since the annual results is largely due to greater investor risk aversion. When the gloom lifts expect the discount to narrow. Hold.”

Reporting on the Group’s FY 2024 Preliminary Results, Simon Thompson noted they were hit by impairments but that the company is well placed to benefit when the gloom lifts. He concludes that “it’s too early to turn buyer again but a more benign interest rate environment could spark interest in deep value property plays. First Property is one for your watchlist. Hold.”

Property fund manager and investor First Property Group has launched a senior loan platform to finance and refinance commercial property. The business will focus on making interest-only loans of up to £20m at a maximum of 65% loan-to-value ratio.

Comment following Fprop’s FY 2023 Results – NAV up, underlying earnings up, leasing progress, new lending division, yet shares trade at c50% discount to NAV.

Following yesterday’s release of the Group’s Preliminary Results for the year to 31 March 2023, Simon Thompson of Investors Chronicle updated his “buy” recommendation. The article concludes with: “Priced on a 42% share price discount to book value, and with a reduction in vacancy rates supporting valuations at the group’s directly held high-yielding properties, the shares remain attractively priced. Buy.”

Heather Sandlin reports on Fprop’s new loan product and quotes CEO Ben Habib, who said: “Our move into senior secured commercial property lending via this platform is in response to a clear gap in the market created by higher interest rates and a retreat of traditional lenders, including banks. Our loan platform offers borrowers better terms than are typically available and investors in loans made on the platform a high rate of return. For these reasons it is a good time to be entering the market.” 

Virna Asara writes: First Property is looking to offer senior facilities secured by any existing commercial real estate assets including office, retail, leisure, hospitality, care homes and logistics. The loans would be offered with a maximum leverage of 65%, a minimum term of three years and up to 15, a fixed interest rate and no debt amortization required. ‘We believe this is a very compelling loan product because it fully responds to what borrowers need these days,’ Habib noted. ‘I think there is going to be a lot of stress for borrowers and since we are property specialists, we can take a much more robust view on loans and not only look at the financial parameters like a bank does.’

Simon Thompson comments on Fprop’s leasing progress at its office block in Gdynia, Poland, on its acquisition of a further 32% of Blue Tower in Warsaw and on its disposal of a warehouse in Romania. He concludes by saying “investors have yet to cotton onto the upside from First Property’s dealmaking as the £33.3mn market capitalisation company is priced 37 per cent below its last reported net asset value (NAV) of £53.4mn (47.3p a share).”

Fprop wins first known arbitration award under the Commercial Rent (Coronavirus) Act 2022 – testament to our tenacious pursuit of what is rightfully and contractually due.

Gavin Laidlaw summarised his write up with the following tweet: “B/S ‘strong’ after sales/refi. £9m cash? Warsaw office dynamics: less development(costs), supply falling, demand up( +Ukraine relocation) & 4% eco growth= rents rising. Also filling vacancies (Blue Tower,Gdynia)& deal opps. Rents become rising dividends?” and published the full report here http://www.stockwatchuk.com/.

FIRST PROPERTY…CEO chat. B/S ‘strong’ after sales/refi. £9m cash? Warsaw office dynamics: less development(costs), supply falling, demand up( +Ukraine relocation) & 4% eco growth= rents rising. Also filling vacancies (Blue Tower,Gdynia)& deal opps. Rents become rising dividends?

— STOCKWATCH UK (@StockwatchUK) June 24, 2022

Andrew Hore concludes by saying: “Underlying net assets, including assets at market value, are 47.28p a share, up from 42.8p a share the previous year. This does not include any valuation on the fund management division. There should be upside from new tenants for Gdynia. The current share price is 31p, which is a 34% discount to underlying net assets.

Management has shown its ability to weather problems and take advantage of opportunities over the past two decades. The share price does not reflect the real value of the business, let alone the potential.”

Simon Thompson concludes by saying “the combination of disposals at a significant premium to book value, new lettings and property acquisitions should act as catalysts to markedly narrow the unwarranted 35 per cent share price discount to NAV. Buy.”

Guy Montague-Jones interviews Fprop CEO Ben Habib in which Ben says he expects the influx of refugees into Poland will increase demand in the economy and that Poland’s willingness to use coal will help avert an energy crisis.

Simon Thompson of IC updates his buy recommendation, highlighting new balance sheet deals, fund extensions and launches, and the discount to sum-of-the-parts-valuations. He concludes by saying; “In fact, I am more bullish now given the improvement in investor sentiment in the commercial property market which augurs well for First Property being able to pull off further smart deals. Buy.”

Simon Thompson sets out his reasons for a “Recovery Buy” saying “…the shares trading on a huge 40 per cent discount to proforma NAV (after factoring in €9m debt write-off after the financial year-end), the rating fails to acknowledge the track record of a management team that has delivered 12.8 per cent annual growth in adjusted net assets including dividends since 2011.”

Simon Thompson: Investor overreaction presents buying opportunity https://t.co/YuqQYpJmZO

— Investors’ Chronicle (@IChronicle) June 24, 2021

First Property Group CEO Ben Habib on the Share Talk Ltd podcast.

He said: “We’ve got £21m sitting in the bank and we will deploy that along with our client money to find assets that we think are undervalued or have real growth potential coming out of the pandemic.”

Founded and CEO of First Property Group plc @benhabib6 (#FPO.L) Interview @FpropPlc https://t.co/A19nrPI7Ym

— Share_Talk ™ (@Share_Talk) November 18, 2020

Writing in The Daily Express, Fprop CEO Ben Habib renews his calls for business rates reform to aid retail and hospitality.

“Unless action is taken soon, ministers will be directly responsible for a wave of failed firms and redundancies when the rates ‘holiday’ ends,” he says.

In The @Daily_Express our CEO @benhabib6 renews calls for business rates reform to aid retail and hospitality.

“Unless action is taken soon, ministers will be directly responsible for a wave of failed firms and redundancies when the rates ‘holiday’ ends.”https://t.co/juFQAMohxO

— First Property Group (@FpropPlc) November 6, 2020

Fprop CEO Ben Habib argues that Business Rates tax reform is needed to help tenants, landlords, and the economy during the Coronavirus crisis. 

He writes in City AM: “By its nature, the burden of this tax falls hardest on startups, small companies, and businesses experiencing difficulties. They have little income and often have to bear this tax out of capital — which is also, more often than not, scarce.”

Covid is an opportunity to scrap business rates altogether https://t.co/27XXZui2pk pic.twitter.com/CfzOj062v9

— City A.M. (@CityAM) October 16, 2020

Adding: “Calls for change are growing louder, and will reach a shriek when the March rates reintroduction takes its damaging hold. But by then it will be too late. The government must act now, and act boldly.”

Fprop shares were discussed by Simon Thompson and Investors Chronicle Editor John Hughman on “The Alpha Podcast: Bargain hunting.” Listen here from 7:29 to 10:26. 

Alpha podcast: John Hughman talks to Simon Thompson about the outlook for global stock markets and the strategies he’s using to identify companies fit for the Covid era https://t.co/uSepjlbh9J

— Investors Chronicle (@IChronicle) October 12, 2020

Thompson says: “Not all companies are actually doing badly… You can stock pick investment opportunities amongst the rubble… This valuation is absolutely crazy…”

Simon Thompson covers our shares in Investors Chronicle. He highlights our high rent collection rates and argues that Fprop shares should be worth more. 

He says: “Trading on a 36 per cent discount to net asset value (NAV), and offering a prospective dividend yield of 5 per cent, First Property’s long-term record of value creation for shareholders – the company has posted annualised growth in net assets (including dividends) of 22.7 per cent over the past decade and paid out cumulative dividends of 13.32p a share since I included the shares, at 18.5p, in my 2011 Bargain Shares Portfolio – is completely at odds with the miserly valuation. Buy.”

Our Annual General Meeting (AGM), held today, can be watched back on the Investor Meet Company website.

The accompanying RNS statement can be viewed by clicking here. The key points were continued high levels of group cash, a maintained dividend, and rent collection rates well above 90% in the UK, Poland, and Romania, despite challenges linked to coronavirus.

Join @FpropPlc investor presentation TODAY at 12:00, for all the company insights – Click below to register. #FPO

— Investor Meet Company (@InvestorMeetCo) September 23, 2020

This informative presentation on our preliminary results for the year to 31 March 2020 was given by management and CEO Ben Habib on June 25, 2020.

To make sure you are invited to our next presentation held via Investor Meet Company, please sign up for the service here. A PDF of the report can be found here.

Fprop CEO Ben Habib appears on “Market Musing with Fairbairn and Russell podcast. They discussed Interest rates, investment, and the success of Fprop.

Mr Habib said: “I do think [interest rates will stay low]… there is not a central bank in the developed world that wants anything other than ultra-low interest rates.”

Listen to the full episode by clicking here.

Fprop CEO @benhabib6 talks Interest rates & investment on the @MarketMusing podcast.

“I do think [interest rates will stay low]… there is not a central bank in the developed world that wants anything other than ultra-low interest rates.”

Listen here 👉 https://t.co/uUzrH8VegG pic.twitter.com/SoAz9bzx6i

— First Property Group (@FpropPlc) July 9, 2020

Writing in the Investor’s Chronicle, Simon Thompson says he is “not concerned” by the “modest decline” in year-end net asset value (NAV), as this partly reflects the revaluation of several group properties which have still proved very strong investments. 

He also points towards our multiple income streams and relatively high recent rent collection rates, particularly in the UK, which points towards “the quality of tenants who account for two-thirds of third-party funds.”

Thompson concluded: “The company has generated annualised growth in net assets (including dividends) of 22.7 per cent a year over the past decade, the primary reason why the shares have produced a 155 per cent total return since I included them in my 2011 Bargain Shares Portfolio.

“On a modest price/earnings (PE) ratio of 9.5, offering a 4.5 per cent dividend yield, and on a 33 per cent discount to NAV, the shares remain on my buy list.”

First Property Group plc (AIM: FPO), the property fund manager and investor with operations in the United Kingdom and Central Europe, today announces its preliminary results for the twelve months ended 31 March 2020. 

First Property Group Chief Executive Ben Habib gives an interview to Polish retail news specialist Retailnet.pl, in which discusses the recent economic and health crisis. 

“The Polish government must be praised for how it handled the current crisis,” he says. “They reacted quickly, and help was directed primarily to those sectors of the economy that suffered the most.”

Chief Executive Ben Habib appeared on the Market Musings with Fairbairn & Russell podcats, to discuss his career in business and the history of the company

“Since 2007, First Property Group… has had a cumulative growth in net assets of 25 percent per annum… from the peak of the last boom to the current position,” he told the presenters.

On the @MarketMusing podcast, @FpropPlc Chief Exec @benhabib6 says:

“Since 2007, First Property Group… has had a cumulative growth in net assets of 25 percent per annum… from the peak of the last boom to the current position.”

Listen in full here 👉https://t.co/jH7yNxYL8P pic.twitter.com/NKu4az4Pht

— First Property Group (@FpropPlc) May 6, 2020

First Property Group Chief Executive Ben Habib writes a column in The Property Chronicle magazine explaining why he continues to invest in Poland.

“The country continues to tick all the boxes; a virile economy, prudent spending, and sensible management of the COVID-19 crisis have maintained my faith in this economy, which I started to invest in back in 2005,” he writes.

“And amazingly, they are already able to start easing the crippling lockdown restrictions imposed across the continent, beginning last week. This is critical, as those countries which emerge earliest and with good balance sheets will do the best.”

Simon Thompson analyses First Property Group’s recent announcements on sales we’ve completed, new leases we’ve signed, and our share price. The columnist reports the sale of our share in the CH8 tower in Warsaw “generating an eye-catching internal rate of return (IRR) of 63 per cent since its acquisition in 2014” and argues “there is still a glaring valuation anomaly still to exploit…”

He adds: “Effectively, you are getting a free ride on these investments and a fund management business that manages £602m of third-party assets even though the company has a track record of outperformance, delivering an IRR of 25 per cent (including dividends) since 2006.”

Simon Thompson: Stock picking value open to future gains https://t.co/MaKbWKZ26N

— Investors Chronicle (@IChronicle) May 4, 2020

First Property Group PLC, the property fund manager and investor, announces the sale of its [50.3] per cent interest in the CH8 Tower – also known as Chałubinskiego 8 – in central Warsaw for €44 million (£38 million).

Chief Executive Ben Habib argues the deal reflects the strength of Poland’s economy as commercial property transactions hit record rates ahead of coronavirus crisis. The sale nets Group their largest ever cash windfall of £16.7 million (€19.6 million), substantially increasing their future purchasing power into the hundreds of millions.

“Cash in on a free ride” Simon Thompson points out that if the sale of CH8 completes that “after the repayment of the bank loan secured against it, First Property will receive €19.6m (£17.8m) of cash proceeds to boost its proforma cash pile to £26.4m, a sum that is only £2m shy of the company’s market value of £28.5m. Non-recourse borrowings will be slashed to around €52m (£47.3m), secured against the remaining eight directly held properties that are worth €70m (£63.6m). Effectively, you are getting a free ride on the £16.3m equity in the eight remaining directly held properties even though they generate an annualised yield of around 10 per cent on market value, significantly higher than the 1.84 per cent average annual interest charged on the debt, so produce strong cash flow. You also have a free ride on First Property’s investments in 10 of the 13 funds it manages…worth a further £30.3m. The depressed market capitalisation also fails to attribute any value whatsoever to the asset management business which should generate an operating profit of £2m on £4m of management fee income in the 12 months to 31 March 2020.”

Simon Thompson: “First Property’s shares are back in bargain basement territory. Buy.”

Simon Thompson updates his buy recommendation and concludes with “…Trading on a 12 per cent discount to spot NAV per share, on a price/earnings (PE) ratio of 11, and offering a 3.2 per cent dividend yield, First Property shares remain on my buy list.”

Simon Thompson updates some existing tips and concludes in his section on First Property Group (First Property posts earnings beat)….”Trading on a 19 per cent discount to spot book value, offering a prospective dividend yield of 3.3 per cent and priced on 11 times likely EPS for the year just ended, I remain a buyer ahead of the release of the annual results in June. Buy.”

“…regardless of the outcome, these ten stocks could boost your portfolio.” First Property is the first stock pick in the five listed for “No Deal”.

Eight leading names from across the property sector including Ben Habib talk about their highs and lows of the past year and preview what will be big news in 2019. Ben appears from 2:09-19 (10 seconds), 8:19-36 (17 seconds) and 9:30-50 (20 seconds).

Simon Thompson says “…Trading on a 15 per cent discount to book value, offering a prospective dividend yield of 3.2 per cent and priced on 11 times likely EPS for the full year, this is a repeat buying opportunity worth exploiting. Buy.”

An interview with Katarzyna Peto, Operations Director for Eximius Park, and Jeremi Slominski, Investment Director, First Property Poland Sp. z o.o.

Colliers cites Fprop’s recent acquisition of the Maestro Business Center in Cluj-Napoca “as proof that Romania is starting to follow the Polish model of development through regional cities.” It goes on to say “While the main regional cities in Romania, Cluj-Napoca, Iasi, Timisoara and Brasov, together have about as many employees as the capital Bucharest, the modern office space in these cities is four times lower than in Bucharest. According to the World Bank, over 730,000 people could come to live in these cities in the next 5 years, almost three times more than in Bucharest.”

David Stevenson discusses First Property’s latest investment and its strategy of investing in property where there is a healthy gap between “the interest rate it can borrow money at and the yield it can earn on renting out properties.”

Simon Thompson updates his buy recommendation, in detail.

“FPO has a decent dividend yield of 3.14% and the company currently pays out 27.48% of its profits as dividends, with the expected payout in three years being 35.15%. FPO has increased its dividend from UK£0.008 to UK£0.016 over the past 10 years. They have been dependable too, not missing a single payment in this time. First Property Group is also reasonably priced, with a PE ratio of 8.8 that compares favorably with the GB Real Estate average of 8.8.

James Bartholomew tips FPO saying he has “followed this company for quite a while” and “The persistent record of achievement has not been properly recognised by the share price, which, at 53.5p, stands at only 8.8 times prospective earnings per share.”

Simon Thompson says “…The shares are also attractively priced on 8 times likely EPS of 5.9p for the year just ended, almost all of which is recurring, and are supported by a 3.3 per cent prospective dividend yield…I see decent investment upside to my 65p target price. Buy.”

“…its P/E ratio of 9 suggests that it could offer upward re-rating potential. And with a dividend yield of 3.5%, which is covered 3.6 times by profit, its total returns could continue to be high over the coming years.”

“…notable completions in January included First Property’s acquisition of Imperial Place, Borehamwood (£62.5m)…”

Fprop CEO Ben Habib responds to interviewer questions about Fprop investments and plans in Poland.

Simon Thompson says…”the fast-growing fund management business is effectively in the price for free, with First Property’s shares trading on an unwarranted 12 per cent discount to net asset value (NAV) of 51.25p a share. That’s even more anomalous once you consider the impressive track record…”

A good summary on the supply demand dynamics of the office market outside of Warsaw. The article concludes “The most spectacular office deals in 2017 outside of Warsaw included…. the acquisition of Pilot Tower in Cracow by First Property Group.”

“…First Property chief executive Ben Habib says he can find yields of up to 10% on commercial property investments outside of London. Big institutional investors are afraid to invest because of “Brexit nervousness,” Habib says.”

…First Property said: “Borehamwood is a well-located office campus set to benefit from continuing strong occupier demand. We believe that current rents are attractively priced compared to surrounding offices in areas like Watford, St Albans and other locations close to the M25.”

First Property Group plc has been shortlisted for the Property Manager of the Year 2017 at the upcoming Pensions Age awards.

Simon Thompson says First Property Group is “Building earnings momentum” and reiterates his 65p price target with a “buy” recommendation.

Simon Thompson writes “…scope for earnings multiple expansion and upgrades…to drive the share price…the risk:reward ratio remains skewed to the upside…given the obvious potential for earnings upgrades, I now rate them a buy at 56p and have a new target price of 65p.”

First Property Group has established a new seven-year term fund with eight institutional investors to invest in office blocks and business parks across England.

… The asset manager said it had now raised some £250m of equity commitments from third parties since the UK referendum in June last year – partly to take advantage of the slowdown in the UK commercial property market.

Jim Armitage writes “Habib’s bet is based on two related assumptions: that Britain’s economy won’t suffer from leaving the EU; and that the big developers are wrong to be running for the hills.”

Simon Thompson once again backs First Property in his list of ‘Small-cap gems’ and advises investors to run profits.

Using Stockopedia tools, Ben Hobson ran a screen for AIM stocks with low broker coverage, above-average earnings growth and below-average industry valuations on a price-to-earnings basis, which identified First Property Group.

Ian Pierce notes that “High growth potential and bargain valuation are rarely terms used to describe the same company…but with an increasingly healthy balance sheet, a decent 2.8% dividend yield and fair valuation I’ll definitely be taking a closer look at First Property Group in the coming quarters.”

The report…“takes the lid off 50 of the companies driving the new and old productive economy…It samples and distils the views of 50 dynamic business leaders on economic value.” First Property Group is profiled on page 68.

“…at 51p the shares look an interesting prospect…”

Simon Thompson reiterates his buy recommendation saying ‘I feel that my 56p target price is not only achievable, but likely to be surpassed.’

A good precis on the investment case by Andrew Hore, including the prospects for dividend growth.

“Simon Thompson reiterates his buy recommendation and comments on further operational progress, pointing out house broker Arden Partners upgrade to forecast earnings. He states his price target of 56p now “looks conservative”.

“…trading on a modest premium to book value, rated on less than 9x EPS estimates of 5.6p, falling to only 8x EPS estimates for the year to March 2018, and offering a 3.2% prospective dividend yield based on a forecast payout of 1.55p per share, First Property’s shares still rate a great buy in my view and with further upgrade earnings potential in the price for free. Buy.”

Simon Thompson says “Investors have yet to fully factor in (house broker Arden’s) massive earnings upgrade…(which is) solely based on rental income from the current portfolio and fund management fees on existing mandates, so the forecast risk is skewed to the upside.” He rates the shares a strong buy and believe his 56p price target could prove conservative. 

“The quality of our earnings has continued to improve with very nearly all our profits being earned from activities of a recurring nature,” said CEO Ben Habib.

Simon Thompson reiterates his buy recommendation with a price target of 56p

“The scheme boosted its commitment to UK real estate via First Property Asset Management, from an initial £125, to £170m.”

Simon Thompson summarises: ‘Rated on a discount to spot net asset value, trading on just 8 times forward earnings…, and with significant upgrades highly likely in eight weeks’ time, the investment case is very solid. In the circumstances, I rate First Property’s shares a strong buy…ahead of November’s interim results and my initial target price is 56p, coinciding with the all-time high dating back to the end of last year. Buy.’

Simon Thompson feels “there is a major valuation anomaly to be exploited in the AIM traded shares of Eastern European property fund manager, First Property Group.” He rates the shares a strong buy with an initial target price of 56p.

“…He sees the current market instability post the UK vote to leave the EU as a big opportunity for a small firm like First Property, and means (for currency reasons) an immediate injection of profits in the short term and later, a chance to buy more UK assets, while prices are under pressure (cheaper).
Longer term is also looking good for the UK market, he reckons…”

Ben Habib, chief executive of First Property, is one of the few in the UK’s real estate sector to argue that a “Brexit” would be positive for both the property market and Britain as a whole. “Any volatility would only be an opportunity for small, opportunistic companies such as First Property,” he said.

Simon Thompson reiterates his price target of 56p, citing “the potential for further value creation is not being factored into the current valuation. Nor is the fact that 95 per cent of the current year £21.9m revenue forecast is recurring, so offering a high degree of certainty in those estimates. The market is also failing to acknowledge the impressive track record of the company. There are not too many investments that can generate such a high sustainable return, nor have potential to continue to do so, irrespective of whether the UK stays or remains a part of the EU.”

Simon Thompson reiterates his buy recommendation, noting “…that investors are being overly cautious in their valuation and assessment of First Property’s future prospects. Offering 40 per cent share price upside to my target price of 56p, I would be a buyer of the shares ahead of the forthcoming results.”

…having first recommended buying First Property’s shares at 18.5p in 2011…Simon Thompson feels that the odds continue to favour a move to the upside to his raised target price of 56p. Trading on only 1.25 times historic book value, he rates First Property’s shares a buy on a bid-offer spread of 49p to 50p.

Michael Crockett notes that “This small property group has been one of AIM’s most consistent performing shares over the last few years” and considers whether its “good run” can continue.

Simon Thompson reiterates his buy recommendation: “Trading on less than 1.2 times adjusted book value of 40p, rated on 10 times earnings estimates and offering a dividend yield in excess of 3 per cent, I now rate First Property’s shares a trading buy with a target price of 56p.”

…in a new shopping centre in Swinoujscie, northern Poland, acquired at a total cost of €24.08m.

…the limited partners in its UK Pension Property Portfolio vehicle, which is generating a 6.5% annual dividend yield without the use of leverage, agreed to extend the fund’s life by five years.

Simon Thompson recommends investors “run profits” despite the share price having exceeded his price target of 49p, explaining that “the shares are still only rated on a little over 10 times earnings estimates and offer a prospective dividend yield of 2.8 per cent.” He sees “potential for more earnings-accretive acquisitions given that First Property will have £13m of cash available to invest once the Lidl properties are refinanced.”

Simon Thompson explains his rationale for tipping First Property Group, describing it as “a classic value share with solid asset backing, decent cash generation to provide shareholders with a sustainable dividend and the board with funds to invest wisely, and potential for solid profit growth to drive an earnings multiple expansion.” He can “see potential for more upside too because with directly owned properties providing a solid recurring income stream to support the dividend, cash available for earnings accretive acquisitions, and mandate wins starting to build up new income streams, its prospects look well underpinned.”

David Thornton, Editor, comments on the Group’s Interim Results and concludes the shares are a “buy”.

Comment from Ben Habib, Fprop CEO, following the news that the Government intends to make the temporary extension of permitted development rights (PDR) permanent with respect to the conversion of offices to residential use.

Simon Thompson reiterates his buy recommendation with a target price of 49p.

First Property Group’s prelims last month revealed a period of significant progress…

Run profits at 45p.

“It may be tempting to bank profits, but with the shares on 10 times 2016 forecast earnings and yielding over 3 per cent, we believe the market still hasn’t fully appraised the reliable returns generated by this well-run little group. Buy.”

Simon Thompson recommends continuing to “run bumper profits” as Fprop shares still only trade on 9x recurring net earnings, with a realistic chance of earnings upgrades as this year progresses, and are underpinned by a decent dividend yield.

Guest columnist, Ben Habib, calls on the next government to enact permanent legislation to break the stranglehold of our turgid planning system.

Richard Lowe comments on Fprop’s partnership with Towers Watson to convert offices to residential use which delivered a 53% return on equity for its investors.

CoStar summarises Fprop’s statement re: Permitted Development Rights (PDR) in response to Eric Pickle’s Planning Update to Parliament published on 25 Mar 2015.

Simon Thompson updates his medium-term price target to 38-40p and reiterates his buy recommendation, first tipped at 18.5p in his 2011 ‘Bargain Shares’ portfolio.

Towers Watson registers stellar return from its investment with First Property Group.

Investors Chronicle reviews the case for investing in equities for dividend income, citing First Property Group plc as one of its “favourite dividend shares”.

Simon Thompson repeats his buy advice on First Property Group plc shares.

Tom Dines comments on SIPS increased investment commitment with First Property Group.

Russell Handy comments on Fprop’s new fund management mandate from BAE’s Shipbuilding Industries Pension Scheme (SIPS).

Simon Thompson continues to rate the shares a decent income buy with capital upside and reiterates his upgraded target share price range of 38p to 40p.

Shares Magazine has screened for companies on a price to earnings growth (PEG) ratio of 0.6 or more and First Property Group stands out as the only company on the list to have both a low PEG ratio and a low price to earnings (PE) ratio.

Simon Thompson upgrades his price target to 38-40p per share and “continues to rate the shares a decent income buy”.

Ben Habib speaks with Samuel Agini of Alliance News following the release of Fprop’s Interim Results.

IC reiterates its long standing buy recommendation on grounds of both earnings prospects and valuation.

Private Equity Real Estate (PERE) magazine reports that First Property Asset Management Ltd is among the first 35 real estate fund managers from across Europe to be granted a licence under the new Alternative Investment Fund Managers Directive (AIFMD), fewer than expected with the deadline for compliance looming on 22 July.

Simon Thompson reviews his past buy recommendations on First Property Group plc shares and continues to rate them “a decent income buy” adding that his “price target of 35p could yet prove conservative”.

Padraig Floyd discusses changes in the commercial property market, in particular government efforts to institutionalise the residential sector in the UK. He refers to recent planning law changes which ease the conversion of offices to residential use, citing Fprop CEO & CIO Ben Habib who regards it as “frankly the best planning policy I have seen in my career.”

Total volume of transactions in the Polish investment market in Q1 came in at €939 million, including the acquisition by First Property Group of Galeria Ostrowiec. Total volume for the year is expected to match or exceed that transacted in 2013.

Simon Thompson retains his “buy” recommendation on First Property Group following its shares hitting his price target of 30p and upgrades his target price to 35p.

Investors Chronicle recommends “60 Fresh ISA Ideas”, including 10 AIM shares. First Property Group plc represents IC’s top AIM pick for income (out of 2).

Simon Thompson revisits his past recommendations to buy First Property Group plc shares and concludes “…I continue to rate First Property a decent medium-term buy on a bid-offer spread of 24p to 25p ahead of the April pre-close trading statement.”

Investors Chronicle reviews its eight tips of the year for 2013 of which First Property Group plc was its AIM tip.

by Stephen Wilmot. “Business is picking up for our Aim Tip of the Year First Property Group (FPO), an Aim-traded real-estate fund manager…”

by John Harrington, following release of Interim Results.

Simon Thomson upgrades his price target from 27.5 pence to 29.5 pence.

by Simon Thompson

Ten page article by Graeme Davies and the IC Companies team in which First Property Group shares are tipped as one of six “income picks”.

Simon Thompson tips First Property Group plc shares.

Tom Bulford tips First Property Group plc shares.

Update by Stephen Wilmot.

by Tom Bill…”I cannot help but conclude that London is in bubble territory,” said Ben Habib, Chief Executive of First Property Group, which owns British and Polish real estate.

Stephen Wilmot tips First Property Group plc as his AIM stock of the year for 2013.

Joanne Hart tips First Property Group plc shares in ‘Midas Extra Share Tips’.

Tom Winnifrith updates his long standing (since May 2008) stock tip on First Property Group plc and retains his buy recomendation on the grounds that it is both an income play and a long term asset play.

Simon Thompson revisits his 2011 Bargain Share portfolio and says that “First Property Group has yet to enjoy the re-rating it rightly deserves but offers investors a decent entry point at the current price of 18p.”

Property Investor Europe (PIE) magazine write-up of its Polish Property Breakfast – Boom slows but opportunities remain.

That’s the way the message was received by Ben Habib, chief executive of First Property Group, a UK real estate investor specialising in Poland.

James Wallace of CoStar news writes about Fprop’s plans to exploit dislocation in the capital markets by establishing a debt fund.

Shayla Walmsley of Investment & Pensions Europe (IPE) discusses Fprop’s new UK fund with Ben Habib, CEO and CIO of First Property Group.

Stephen Wilmot of the Investors Chronicle writes that strong full-year results suggest Fprop is “weathering the storm pretty well” leaving its shares looking undervalued.

David Thornton, Editor, comments on the Group’s Preliminary Results and concludes the shares are a “buy”.

Adam Zdrodowski of the Warsaw Business Journal discusses commercial property investment in Poland with Fprop CEO, Ben Habib.

Jan Cienski, Warsaw Bureau Chief for the Financial Times, reviews the prospects for commercial property in Central & Eastern Europe in 2012.

Simon Thompson, Investor’s Chronicle companies editor, reviews the performance of two shares in his “Bargain Shares Portfolio” which have not performed as he had hoped, of which Fprop is one.

Canny investors, such as First Property Group, are putting their money into discount retail property.

By Jan Cienski, Warsaw bureau chief of the FT.

IPE’s Shayla Walmsley reports on Fprop’s planned new UK core Fund.

A write-up by the FT’s Jan Cienski on a panel session hosted by DTZ in conjunction with the British Polish Chamber of Commerce (BPCC), at which Fprop CEO Ben Habib was a speaker, entitled “Impact of EU turmoil on the Polish real estate market”.

FT: Moody’s reaffirms Poland’s A2 credit rating with a stable outlook

High growth is latest in series of good economic news for Poland.

Shayla Walmsley looks at the significant re-pricing of core real estate markets. This article includes comments from Ben Habib, Fprop CEO and CIO, about the yield gap.

Graeme Davis named First Property Group as one of six small-cap dividend opportunities to watch in the coming year.

Comments on the Group’s Preliminary Results. Conclusion – the shares are a “speculative buy”.

Following on from his ‘Bargain Shares’ recommendation, Simon Thompson has more good news to report on First Property. Noting a 20% rise in value for the assets under management, he continues to rate the company as a strong buy.

Investors Chronicle – European property fund manager First Property has been making something of a name for itself…”

General piece by Jan Cienski on the divergent fortunes of the differing CEE economies, in which he quotes Fprop CEO Ben Habib.

by Simon Packard.

IPE Real Estate.

Property Week.

Broker Snap – on launch of Fprop Opportunities plc (FOP).

“…Shares says buy ishares MSCI Investable Market Index Fund at $25.24, Market Vectors Poland ETF at $21.08 and First Property Group at 18.5p.”

“…First Property has more foresight and zip than most UK property companies and we continue to rate the shares a buy for income.”

“Poland-focused First Property Group says it has come through a testing year profitable and in very good shape. Directors say pre-tax profits for the year to March should come out in line with market expectations”.

Daniel Thomas reports on launch of UK Pension Property Portfolio (UK PPP LP), FPAM’s new fund established on behalf of 3 pension fund clients of Stamford Associates.

“…The shares are forecast to pay out a dividend yield of 7 per cent, covered almost three times, and First Property’s solid and dependable revenue streams should make this a fairly secure bet…”

“…the assets it manages on behalf of its clients outperformed the IPD Benchmark for Central Eastern Europe by more than four percentage points in 2008…”.

“…Although FP’s profits could stagnate this year and next, it could attract a lot of UK institutional support. As the company increases its dividend, we continue to rate the shares a buy for income.”

Broker Snap – First Property significantly undervalued