FINANCE: First Property Group has collected £2.5m in profits from the sale of the last two assets in its joint venture with Towers Watson.
Fprop PDR, which was established in 2013 to convert offices to residential, has sold a total of eight assets and returned £16m on an ungeared investment of £30m.
One of the properties sold in the latest transaction will complete over two stages in March and July and First Property will therefore take its profit share in two tranches, in March this year and March 2016.
The fund manager will make £4.8m profit from the partnership.
