Co-investment vehicle targeting Polish commercial property.
FOP was established in Oct 2010 with £7 million from First Property Group plc and £1.28 million from its staff, their families and some friends. It targets commercial property in Poland from which it expects to earn a minimum ROE and IRR of 15% pa.
The Group has extensive expertise in Poland. Its investment performance is ranked No.1 vs Investment Property Databank (IPD) Central & Eastern Europe (CEE) universe over the three, four, five, six and seven years to 31 Dec 2008, 2009, 2010, 2011 & 2012.
FOP has made two purchases to date which are earning a pre-tax rate of return on equity (ROE) of 22% pa. It has an attractive pipeline of investments which it expects to complete during 2013 for which it requires additional capital. It is therefore holding a capital raising, into which First Property Group plc will be subscribing for £1-2 million, scheduled to close on 30 April 2013.
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