First Property, the commercial property fund management group, has pocketed a tidy profit on the sale of one of its two directly owned properties, an office building in Mokotow, Warsaw.
The company, which bought the building in November 2007, has raised PLN 11.95m - about £2.3m - from the sale which, after accounting for transaction costs and foreign exchange gains, resulted in a profit of around £0.12m for the company. The sale will not have any material bearing on the group's earnings for the current financial year, which ends on March 31st, 2013.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The group's cash position following the disposal, and the payment of the group's final dividend, amounts to some £11.5m. The group intends to use this cash as co-investment equity to purchase additional assets in partnership with third party investors.
JH
-
Reeves urged to axe stamp duty from UK shares held in an ISAChancellor Rachel Reeves is reportedly considering axing stamp duty from UK shares held in stocks and shares ISAs. What could it mean for your portfolio?
-
Family investment companies explained: how the ultra wealthy shield their money from the taxmanWealthy families are increasingly turning to family investment companies to keep more of their money away from HMRC – but what are these arrangements and how do they work?
