UK's First Property Group hits over 11-yr low on flagging tough market conditions

First Property

27/09/2023 09:05

** Shares of First Property Group Plc  FSTP.L  fall as much as
7.2% to 16p, their lowest since July 2012
    ** UK-based commercial property fund manager and investor
posts an about 4% q-o-q decline in total funds under management
as at Aug. 31 2023 of 436 mln pounds ($529.5 mln)
    ** Firm's third party funds under management as at Aug. 31
declines 4.3% 383 mln pounds on q-o-q basis
    ** FSTP flags "extremely challenging market conditions" for
property sector over the last few years, particularly due to
COVID lockdowns and the subsequent work-from-home trend,
interest rate rises, rampant inflation among other issues
    ** Currently stock down 4.3%, pushing YTD losses to about
33%


($1 = 0.8234 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))