Placing at 360p

sorry wrong thread!

New 52 week highs.

Ex-divi tomorrow (0.38p)

New investment by the Group in Romania
First Property Group plc (AIM: FPO), the property fund manager and investor, announces that it has, in conjunction with a club of investors, acquired a portfolio of nine regional Lidl supermarkets in Romania at a cost of €10.5 million. The net operating income being generated by the properties is currently €1.16 million per annum, equating to a yield on purchase costs of around 11% per annum. The weighted average unexpired lease term of the portfolio of properties exceeds seven years.

The investment was part funded by equity of approximately €4 million, of which the Group invested €1 million, pari passu with other investors. The remaining equity was invested by a family office and other third parties.

The forecast annual pre-tax profit from the investment is circa €720,000 per annum, of which the Group's share would be circa €180,000 per annum, equating to a pre-tax rate of return on equity of around 18% per annum.

The Group will, in addition, earn management fees of some €100,000 up-front and €125,000 per annum.

The balance of the funding required, of €6.5 million, was provided by the Group as a bridging loan with a view to this being refinanced by a bank in the next few months. Terms for the refinancing of the Group's bridging loan have been agreed with a bank and the bank loan is currently being documented. The bridging loan by the Group was made on terms broadly equivalent to those agreed with the bank, including an interest rate of 4.95% per annum.

The cash position of the Group following this investment amounts to just over £8.5 million. This will rise to over £13 million once its bridging loan has been repaid.

Commenting on the new investment, Ben Habib, Group Chief Executive, said:
"I am very pleased by the investment made by our clients and ourselves in this portfolio of Lidl supermarkets. Lidl is a leading retailer in Romania with a stated intention to grow its business in the country and these supermarkets are well located for their purpose."

StockMarketWire.com
First Property Group has announced that the limited partners in UK Pension Property Portfolio LP, a fund managed by the group, which was due to mature on 5 February 2017, have agreed to extend its life by five years to 5 February 2022. The 21 properties owned by UK PPP LP are located across the UK and valued at some GBP100 million in total. UK PPP LP, which is un-geared, is generating a dividend yield of some 6.5% per annum for its partners.

Good acquisition into Poland today.