The commercial property investor and fund manager First property Group PLC revealed in its interim results that the adjusted NAV per share stood at 45.8p at the end of September, up 19.8% from 38.27p a year earlier.
Total assets under management rose 43% to £405mln from £283mln 12 months before.
Chief executive Ben Habib tells Proactive: ”I’m really pleased. Four or five years ago the underlying annual profits of First Property Group were around £3 mln a year and now … if you took our half year figure and doubled it you can’t be a million miles away. That’s a very significant increase in the size of the business.”
”We think the future is bright. interest rates are going to stay low. That means people are going to want to buy property, property is relatively cheap compared to other asset classes. We’re very good at what we do and I think we’ll raise funds to invest in more commercial property”.
Habib added: ‘We’re a small management team. In order to be opportunistic and be nimble you’ve got to keep your management team small – I never want the company to be ridden with committee decision making. There’s a very small number of people who make the decisions”.
Story by ProactiveInvestors