Simon Thompson 

Stockpicking value open to future gains

Simon Thompson

Simon Thompson
Stockpicking value open to future gains

UK and eastern European property fund manager and investor First Property (FPO:37p)  has now completed the disposal of its stake in the CH8 Tower in Warsaw, Poland, realising net cash proceeds of £17m and generating an eye-catching internal rate of return (IRR) of 63 per cent since its acquisition in 2014. The company currently holds free cash of £25m, a healthy sum in relation to its market capitalisation of £40m. The plan is to enter co-investment partnerships with clients to leverage up £100m of combined equity firepower and target £300m of property acquisitions.

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