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First Property Group and Fund Manager and Investor Ben Habib have put together a £30 million special reserve from two Oxford and two Cambridge university colleges.
First Property Group’s Shipbuilding Industries pension scheme’s funds and money reserves were enlarged to a staggering £170 million from £125 million last year, as the company found a number of interesting opportunities to invest in.
As Habib explains: “the decision to leave the EU will create opportunities for First Property Group. After Brexit, the markets reacted negatively and property prices dropped, so we asked our investors for more money in order to take advantage of the situation”.
Eugene O’Sullivan, leading Chartered Surveyor and Managing Director at Morgan Pryce, says; “post-Brexit, we have seen an influx of foreign cash coming to the UK, especially in London, which is being invested in prime real estate and office buildings. This is due to the depreciation of the pound”.
First Property Group’s annual results after 2016-17 financial year showed a 24% growth in pre-tax profit, and the firm’s total assets under management grew during the year. The company finished the last financial quarter at £447 million from £313 million. Pre-tax profit rose to £9.1 million from £7.4 million, and revenues were also up to £23.7 million from £22 million. This has been a record time for the group; with Brexit certainly playing in their favour.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.