First Property Group
First Property Group plc (LSE: FPO) is an AIM-listed commercial property fund manager and co-investor operating in the UK, Poland and Romania, managing 11 third-party funds with £144m AUM through FCA-regulated FPAM plus a directly owned Group Properties portfolio.
- Company typePublic
- Founded2000
- HeadquartersCity Of London, United Kingdom
- Headcount51–100
- GTM typeB2B
- OfferingServices
What First Property Group does
First Property Group plc is an AIM-listed (LSE: FPO) commercial property fund manager and investor operating across the United Kingdom, Poland and Romania. The group runs two complementary business lines: a regulated fund management business conducted through wholly-owned subsidiary First Property Asset Management Ltd (FPAM), which is FCA-authorised (firm number 464195) and AIFMD-approved and manages eleven third-party funds with £144 million of third-party AUM as at 31 March 2026; and a Group Properties book of directly owned assets (five properties in Poland) plus minority co-investment in nine of the FPAM-managed funds, bringing total assets under management to £192.49 million. FPAM's Poland funds have ranked No. 1 versus MSCI's CEE Benchmark for 12+ years from inception in 2005, and the group has reported c.16% p.a. growth in adjusted net assets including dividends since 2006, with £57 million of net assets and 19% gearing at market value.
The company raises third-party capital primarily from institutional investors (pension funds including BAE Systems Pension Funds Trustees Limited) and high-net-worth individuals through closed-end fund vehicles with defined expiries (the largest being Fprop Opportunities plc at £62.5m AUM, expiry October 2030). Earnings are generated from management and performance fees on third-party AUM (FPAM stream) plus returns on the group's own co-invested capital (Group Properties stream). In September 2023 the group launched a Senior Loan Platform to make interest-only commercial property loans of up to £20m at a maximum 65% loan-to-value, extending the business beyond traditional fund management into direct lending.
Operationally the group is led by founder-CEO Ben Habib (16.79% shareholder) and Non-Executive Chairman Alasdair Locke (9.96%), with Polish operations run from Warsaw by Managing Director Przemyslaw Kiszka and Romanian operations from a Bucharest office. Other key shareholders include Peter Gyllenhammar AB and associated entities at 29.06% and Whitehall Associated SA at 7.00%. Distribution is concentrated on a sales-led, direct-outreach model to institutional and HNW investors, supported by Allenby Capital as NOMAD and broker, RNS announcements, equity research coverage, and the Investor Meet Company platform for shareholder engagement.
First Property Group firmographics
Firmographics- Name
- First Property Group
- Legal name
- First Property Group plc
- Website
- https://fprop.com
- Company type
- Public
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- First Property Group plc (LSE: FPO) is an AIM-listed commercial property fund manager and co-investor operating in the UK, Poland and Romania, managing 11 third-party funds with £144m AUM through FCA-regulated FPAM plus a directly owned Group Properties portfolio.
- Ownership category
- akta.pro rank
First Property Group industry classification
Industry- Product category
- Commercial Property Fund Management
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940), Real Estate Credit (522292)
- SIC
- Real Estate Agents & Managers (For Others) (6531), Investors, Nec (6799), Investment Advice (6282)
- akta.pro primary industry
- Hospitality (Hotels & Resorts) Asset Management (BPAJAMAE)
- akta.pro secondary industries
- Real Estate Funds — Core (Stabilized, Income) (FSANAEAF), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE), Real Assets — Fund-of-Funds & Secondaries (FSAAAKAK)
Keywords
Where First Property Group is headquartered
LocationHeadquarters
- HQ city
- City Of London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
First Property Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Others
Revenue model
- Fund Management Fees: Earnings derived from FCA regulated subsidiary First Property Asset Management Ltd (FPAM), which earns management and performance fees from investing third-party capital in property across UK, Poland, and Romania.
- Group Properties Investment Returns: Principal investments to earn returns on Group's own capital, usually in partnership with third parties. Includes directly owned properties and minority shareholdings in funds managed by FPAM.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
First Property Group product offering
Product offeringCore offering
First Property Group is a co-investing commercial property fund manager that operates two complementary lines. Through its FCA-regulated subsidiary First Property Asset Management Ltd (FPAM), it manages 11 third-party funds investing in UK, Polish and Romanian commercial real estate (third-party AUM £144m). Separately, it invests its own capital via Group Properties — five directly owned Polish assets and minority co-investments in nine FPAM-managed funds — to earn returns alongside third-party investors. In September 2023 it added a Senior Loan Platform providing interest-only commercial property loans of up to £20m.
Product overview
First Property Group operates as a co-investing commercial property fund manager with two core business lines: (1) Fund Management through its FCA-regulated subsidiary First Property Asset Management (FPAM), which manages eleven funds across the UK, Poland, and Romania with £144m in third-party AUM; and (2) Group Properties, comprising directly owned properties and minority shareholdings in funds managed by FPAM. The fund portfolio includes specialized vehicles for different markets and property types: Fprop Opportunities plc (largest fund at £62.5m AUM), Fprop Galeria Corso (retail), Fprop Fulcrum Property (indefinite duration), Fprop Krakow (Poland offices), Fprop UK Special Opportunities, Fprop Cluj (Romania), Fprop Phoenix, as well as legacy funds (5PT, Fprop Offices LP, SIPS). In 2023, the company expanded into lending via a Senior Loan Platform for commercial property finance. The company also has a loan origination capability for third-party loans.
Differentiator
Problem solved
Functional benefit
Brands
- FPAM (First Property Asset Management): FCA regulated and AIFMD approved subsidiary that earns fees from investing for third parties in property
Products and services
- First Property Asset Management (FPAM) Fund Management FCA-regulated and AIFMD-approved fund management service that earns management and performance fees from investing third-party capital in commercial property across the UK, Poland, and Romania. Manages 11 funds with £144 million in third-party AUM.
- Group Properties Direct Investment Portfolio Principal investments by the Group to earn returns on its own capital, usually in partnership with third parties. Comprises five directly owned properties in Poland plus minority shareholdings in nine funds managed by FPAM, representing £48.49m of assets.
- Senior Loan Platform Lending platform launched in September 2023 to finance and refinance commercial property, providing interest-only loans of up to £20m at a maximum 65% loan-to-value ratio.
Quantifiable outcome
- c.16% p.a. growth in adjusted net assets including dividends since 2006
- +2 more outcomes
Companies that use First Property Group
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles2 records
First Property Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
First Property Group partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered support and core.
- Cooper Parry Group LimitedsupportRegistered Auditors providing audit services. Address: Broadwalk House, 5th Floor, 5 Appold Street, Broadgate, London EC2A 2AG
- MUFG Corporate MarketscoreCompany Registrars handling share registration, dividend payments, and shareholder inquiries. Contact: 10th Floor Central Square, 29 Wellington Street, Leeds, LS1 4DL
- OcoriansupportCompliance Adviser providing regulatory compliance advisory services. Address: 20 Fenchurch Street, London, EC3M 3BY
- Gen II Fund Services (UK) LimitedsupportDepositary services for fund operations. Address: 8 Sackville Street, London, W1S 3DG
- Mills & ReevesupportUK Legal Advisers. Address: 1 St James Court, Whitefriars, Norwich, NR3 1RU
- BWW Law & Tax FirmsupportPoland Legal Advisers. Address: Ul.Sienna 39, 00-121 Warsaw
Scale indicators7 records
Recent moves7 records
Expansion highlights5 records
First Property Group competitors and assessment
Company assessmentDirect peers
- Helical plc: AIM-listed UK commercial property investor and developer that combines principal investment with active asset management, closely matching First Property's dual model of fund management plus Group Properties exposure.
- Tristan Capital Partners: European value-add/opportunistic real estate fund manager with active asset management approach and CEE presence — directly comparable active investment style to First Property's FPAM.
- CCLA Investment Management: UK specialist property fund manager serving pension funds, charities and institutional investors — closest peer in terms of UK-focused institutional real estate fund management.
Broad incumbents
- M&G Real Estate: One of the largest UK/European property fund managers operating closed and open-ended pooled vehicles for institutional and retail investors, with overlapping institutional client base to FPAM.
- CBRE Investment Management: Global real estate investment manager running core, value-add and debt strategies; competes for institutional mandates in the same UK/CEE property universe First Property targets.
- Heitman: Global real estate investment manager with European direct property strategies for institutional investors — comparable institutional property fund management capability, though at much larger scale.
- Invesco Real Estate: Global real estate investment manager with European direct property strategies and listed REIT vehicles — a comparable large-scale institutional property manager competing for similar mandates.
- Schroder Real Estate: Real estate arm of Schroders, managing pooled UK and European property funds for institutional investors with multi-decade track records — directly comparable institutional property fund management to FPAM.
- abrdn Real Estate: Real estate investment business within abrdn (formerly Aberdeen Standard) running pooled and segregated mandates across European markets, including institutional property strategies that overlap with FPAM.
Regional players
- REIAG (Real Estate Investment AG): Austrian-headquartered independent real estate investment manager running CEE-focused funds and mandates, making it a regional peer to First Property's Polish/Romanian operations.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
First Property Group social profiles
Digital presenceFirst Property Group compliance and trust
Trust signalCompliance3 records
First Property Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Property Group leadership team
Management profileNumber of profiles
Profiles7 records
First Property Group subsidiaries and ownership
Company hierarchySubsidiaries3 records
First Property Group funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Property Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Property Group
What does First Property Group do?
First Property Group is a co-investing commercial property fund manager that operates two complementary lines. Through its FCA-regulated subsidiary First Property Asset Management Ltd (FPAM), it manages 11 third-party funds investing in UK, Polish and Romanian commercial real estate (third-party AUM £144m). Separately, it invests its own capital via Group Properties — five directly owned Polish assets and minority co-investments in nine FPAM-managed funds — to earn returns alongside third-party investors. In September 2023 it added a Senior Loan Platform providing interest-only commercial property loans of up to £20m.
Is First Property Group a public or private company?
First Property Group is a public company. It is classified as public and is currently operating.
When was First Property Group founded?
First Property Group was founded in 2000. It employs 51 to 100 people.
Where is First Property Group based?
First Property Group is headquartered in City Of London, United Kingdom, in the Europe region.
How does First Property Group make money?
Two revenue lines are on record. Fund Management Fees are the primary driver. The others are group Properties Investment Returns.
Who are First Property Group's main competitors?
Direct peers on record are Helical plc, Tristan Capital Partners and CCLA Investment Management. Broad incumbents are M&G Real Estate, CBRE Investment Management, Heitman, Invesco Real Estate, Schroder Real Estate and abrdn Real Estate. REIAG (Real Estate Investment AG) is listed as a regional player.
Does First Property Group have an API?
No public API is recorded for First Property Group.
What industry is First Property Group in?
First Property Group's product category is Commercial Property Fund Management. Its primary akta.pro industry code is BPAJAMAE, Hospitality (Hotels & Resorts) Asset Management, with a secondary code of FSANAEAF, Real Estate Funds — Core (Stabilized, Income). Its NAICS code is 525 and its SIC code is 6531.