First Property Group PLC - London-based property fund manager and investor - Reports underlying trading profit for year to March 31 tipped to be ‘in line with market forecasts’. First Property adds: ‘Nearly one third of the vacant office space in Warsaw and Gdynia, which the group acquired in 2021 and 2022, and which totalled some 20,000 square metres, has been leased. Tenant demand remains steady in both cities. The rapid increase in interest rates from near zero in 2021 has naturally impacted property values. The group has been shielded from much of this by its accounting policy of holding properties at the lower of cost or value.’ First Property expects to report a loss for the first-half of the financial year, however. Fprop Opportunities PLC, a fund invested in five commercial properties in Poland, saw properties it owns decrease in value by £2.2 million, of which First Property’s share amounted to £816,000.

Current stock price: 16.13 pence, down 7.9% on Wednesday

12-month change: down 34%

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