First Property Group sells remaining investment in Fprop

10th Aug 2015 11:23

(ShareCast News) - First Property Group sold its last remaining investment in Fprop, an office park in Uxbridge.The sale will result in a £1m contribution in profits to the company's full-year results, and follows the fulfilment of certain conditions discussed at the time of an exchange of contracts in March.Chief executive Ben Habib said First Property used the Fprop to create 665 new flats, which generated high rates of return for its fund investors and shareholders."If the government is serious about tackling the nation's housing shortage we urge it to extend this successful policy beyond its current scheduled expiry in May 2016," Habib urged.Shares were down 2.45% to 39.75p on Monday.