First Property sounds positive note
First Property, the central and eastern European fund manager, sounded a rare positive note in an otherwise downbeat sector after it reported full-year pre-tax profits of £6.2m, up from £1.2m last year.
Turnover doubled to £15.5m for the year to March 31, against £7.8m last time. Net assets increased from £7.7m to £12m.
The group doubled the size of its portfolio of property assets under management to £290m and said that this would continue to grow as it invested the remaining portion of a £100m fund management mandate from the Universities Superannuation Scheme.