First Property Group

First Property Group PLC
FormerlyThe Hansom Group (1994–2000)
First Property Online (2000–2003)
Company typePublic
ISINGB000000FPO1
IndustryProperty investment
FoundedSeptember 12, 1994 (1994-09-12)
Headquarters32 St. James's Street
London
SW1A 1HD
Number of locations
31 properties (2026)
Area served
Key people
Ben Habib
Alasdair Locke
Revenue £7.55M (2025)
£4.82M (2025)
£3.03M (2025)
Total equity £220M (2025)
Number of employees
43
SubsidiariesFProp Poland Sp. z o.o.
FProp Cluj Ltd (FCL)
Websitewww.fprop.com

First Property Group is a commercial property fund investment company with operations in the United Kingdom and Central Europe. It is listed on the Alternative Investment Market (AIM) as a constituent of the London Stock Exchange.[1][2][3]

History

The company was incorporated on 12 September 1994 by David J. Hull under the Companies Act 1985 as the Hansom Group plc.[4] It was a shell company run by non-executive Alasdair Locke which rebranded to First Property Online plc on 21 December 2000. This formed part of a reverse takeover by First Property Online, a web-based business-to-business property dealer founded by Ben Habib and John Kottler.[5][6] It was then listed on the Alternative Investment Market of the London Stock Exchange under the ticker symbol FPO.[7]

In 2001, the company moved into underwriting commercial property sales for a management fee and a share of the gain above the underwritten price.[8]

It began property investment operations in Poland and Romania following cuts to interest rates after the September 11 attacks. On 17 September 2003, the organisation was renamed again as First Property Group plc.[9][10]

By 2005, it established an office in Warsaw to begin operations there as the "yield gap" had decreased significantly in the UK.[11]

As the 2008 financial crisis unfolded, the firm changed its asset management policy and extended 70 per cent of leases for more than four years. By 2013, it resumed UK operations following the introduction of Permitted Development Rights (PDR) and increased demand for residential property through the Help to Buy scheme.[12]

Operations expanded further in 2009 when the firm announced €90 million of acquisitions in Poland, Romania and the UK.[13] Expansion in Poland continued in 2015 as the company focused on high-income generating property investments.[14]

After the 2016 EU referendum, the company's CEO Ben Habib, who had voted to leave, stated that falling demand for UK sites and the devaluation of the pound against the euro had created "fantastic" opportunities for business.[15][16]

In 2017 it raised a fund to invest in UK-based assets.[17][18]

In July 2022, H. Samuel owner Signet Jewelers was ordered to pay the firm £448,043 in rent arrears for its Hertfordshire head office after First Property Group investment manager Martin Pryce alleged that it had misused relief claims under the Commercial Rent (Coronavirus) Act 2022.[19][20]

The firm was awarded "Best Commercial Property Fund Manager – UK" by Wealth and Finance International in both 2022 and 2023.[21]

In July 2025, Habib increased his shareholding in the firm to nearly 17 per cent.[22][23]

Operations and structure

In 2024, First Property Group owned £19M of assets in the United Kingdom, £43M in Poland, and £2.2M in Romania. The firm's management is divided into three parts: the PLC board, the London team and the Warsaw team.[24]

Alasdair Locke, chairman of the Scottish Conservatives, serves as non-executive chairman.[25]

Ben Habib, former Brexit Party Member of the European Parliament (MEP) for London from 2019 to 2020 and leader of the political party Advance UK, serves as chief executive officer.[22]

United Kingdom

The firm owns several commercial properties in England which it leases to various businesses, including:[26]

  • Griffin House, Crawley
  • Imperial Place, Borehamwood
  • Union Park, Uxbridge
  • 45 Clarendon Road, Watford

Poland

Nine of the eleven funds managed by First Property Asset Management Ltd (FPAM) are based in Poland.[1][27]

First Property Poland Sp. z o.o. was established in 2006 as a subsidiary by managing director Przemysław Kiszka. It currently manages 11 properties and employs 30 staff.[28][29]

Romania

In July 2022, the company announced it would sell the remaining assets it owned there in order to raise cash to invest in its Polish operations.[30]

See also

References

  1. ^ a b "First Property Group PLC, FPO:LSE profile". Financial Times. Retrieved 2026-03-10.
  2. ^ "FIRST PROPERTY GROUP PLC – Group of companies' accounts made up to 31 March 2025". Companies House. Retrieved 2026-03-10.
  3. ^ "First Property Group PLC". London Stock Exchange. Retrieved 2026-03-10.
  4. ^ "Certificate of incorporation as a public limited company". Companies House. 1994-09-12. Retrieved 2026-03-10.
  5. ^ "Certificate of incorporation on change of name". Companies House. 2000-12-21. Retrieved 2026-03-10.
  6. ^ Noakes, L. (2000-11-28). "Hansom suitor found". Citywire.
  7. ^ "Company Announcement". Investegate. Retrieved 2026-03-10.
  8. ^ Staff, IC (2006-12-22). "FIRST PROPERTY (FPO)". Investors Chronicle.
  9. ^ "Certificate of incorporation on change of name". Companies House. Retrieved 2026-03-10.
  10. ^ Staff, IC (2003-10-14). "FIRST PROPERTY GROUP (FPO)". Investors Chronicle.
  11. ^ "First Property Asset Management finds fertile territory in Poland". Estates Gazette. 2010-06-21. Retrieved 2026-03-10.
  12. ^ "Group History". First Property Group. Archived from the original on 2026-01-20. Retrieved 2026-03-10.
  13. ^ "First Property Group announces €90m of acquisitions and FSA registration (UK)". Europe Real Estate. 2026-03-02. Retrieved 2026-03-10.
  14. ^ "First Property to focus on Poland as profits rise". Proactive Investors UK. 2015-11-26. Retrieved 2026-03-10.
  15. ^ "Post-referendum jitters have created opportunity, says First Property Group boss". Belfast Telegraph. 2016-12-26.
  16. ^ "First Property Group commits £22 million to UK offices". Morgan Pryce. 2017-06-26. Retrieved 2026-03-10.
  17. ^ "First Property raises funds to gain from post-Brexit property weakness". The Business Times. 2017-07-17. Retrieved 2026-03-10.
  18. ^ "First Property launches £182m English office fund". Gryphon Property Partners. Retrieved 2026-03-10.
  19. ^ "H Samuel owner Signet pays £450,000 after losing head office rent relief claim". The Independent. 2022-07-13. Retrieved 2026-03-10.
  20. ^ Turner, Millie (2022-07-14). "First Property Group wins nearly half a million in unpaid rent from H. Samuel operator". City A.M. Retrieved 2026-03-10.
  21. ^ "Awards". First Property Group. Archived from the original on 2026-01-20. Retrieved 2026-03-10.
  22. ^ a b Moorhead, Hugh (2025-07-25). "Directors' Deals: Habib increases holding in First Property". Financial Times. Retrieved 2026-03-10.
  23. ^ Robinson, Mark (2025-07-25). "First Property and Berkeley Group: Big director share deals this week". Investors Chronicle.
  24. ^ "Our Team". First Property Group. Archived from the original on 2025-11-17. Retrieved 2026-03-10.
  25. ^ "Scottish Tories appoint oil tycoon Alasdair Locke chairman". The National. 2024-11-16. Retrieved 2026-03-10.
  26. ^ "Case studies and deals". First Property Group. Retrieved 2026-03-10.
  27. ^ Conchie, Charlie (2024-07-25). "Reform UK's Habib prepares for activist investor scrap". City AM. Retrieved 2026-03-13.
  28. ^ "Przemyslaw Kiszka". First Property Group. Archived from the original on 2025-10-06. Retrieved 2026-03-10.
  29. ^ Szpyt-Grzegórski, Tomasz. "Long range opportunists". Eurobuild CEE. Retrieved 2026-03-10.
  30. ^ Chirileasa, Andrei (2022-06-27). "First Property Group leaves Romania claiming lack of large-sized properties". Romania Insider. Retrieved 2026-03-10.
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