First Property Group has seen its funds under management grow 31% to £625m on the back of strong UK investment activity, according to its financial year-end trading statement.
The property fund manager added that its profit before tax for the year to 31 March is expected to be in line with market expectations and its preliminary results are scheduled to be announced on 8 June.
Of the £625m under management, some £454m was held for clients. Almost all of this increase resulted from new property investments in the UK.
Ben Habib, Group Chief Executive, First Property said: “The group is trading well across the board. The growth of our fund management division continues unabated; third party assets under management have increased by some 45% over the last year and are set to continue to grow.
“Meanwhile the contribution from group properties provides a reliable and substantial flow of profits.
“The markets in which we operate are generally buoyant and offering interesting investment opportunities on which we hope to capitalise.”
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