First Property sounds out investors about second UK fund

AIM-listed commercial fund manager First Property Group has started talks with investors about launching a new fund. In a year-end trading statement, the company, which manages £366m of assets, said its UK fund had invested £96m of its £106m capital. The new fund will be called Fprop Sterling Income Fund.

The group also runs the higher-risk Fprop Opportunities fund, which mainly buys in Poland. It suspended acquisitions there late last year but is now reviewing properties again. Grainger director Laure Duhot has joined as a non-executive director of First Property Asset Management.