Property

First Property Funds Under Management Fell in Early Fiscal 2023

By Joe Hoppe

First Property Group PLC said Tuesday that its total funds under management have decreased in fiscal 2023 to date following the sale of several properties.

The company said total funds under management as of Aug. 31 stood at 547.5 million pounds ($585.2 million), down from GBP558.7 million at the end of fiscal 2022 on March 31.

The company said the fall is due to the sale of three U.K. properties for GBP21.1 million by funds managed by First Property Asset Management Ltd., and the sale of its directly owned warehouse in Romania for GBP3.1 million.

The sales were offset by the purchase of a further 32% stake in Blue Tower in Warsaw, Poland, for GBP7.2 million.

Third-party funds under management as of Aug. 31 came to GBP499.4 million, down from GBP516.5 million as of March 31.

Shares at 0707 GMT were flat at 27.5 pence.

Write to Joe Hoppe at joseph.hoppe@wsj.com

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