First Property Group

First Property Group is a commercial property investment and asset-management business operating primarily in the United Kingdom and Central Europe. Its activities combine direct ownership of income-producing commercial real estate with the management of property funds and investment vehicles for investors. The group has maintained a particular emphasis on Poland, while also owning and managing assets in the United Kingdom and retaining a smaller Romanian presence during the period covered by the available reference material. The company originated as Hansom Group plc, a shell company incorporated on 12 September 1994 under the Companies Act 1985. It later became the vehicle for a reverse takeover involving First Property Online, a business-to-business online property dealer founded by Ben Habib and John Kottler. The company adopted the name First Property Online plc in December 2000 and obtained an Alternative Investment Market listing under the ticker FPO. In 2001, it moved into underwriting commercial property sales, earning management fees and participating in gains above agreed underwriting prices. The company was renamed First Property Group plc in September 2003 as its business developed toward property investment and management. The group expanded into Central Europe after interest-rate reductions following the 11 September 2001 attacks created more favorable conditions for property investment. Poland and Romania became important markets, and First Property established a Warsaw office in 2005 as the yield differential between British and Central European property narrowed. In Poland, its activities were organized through First Property Asset Management and the subsidiary First Property Poland, established in 2006. The Polish operation became the group’s principal international platform, managing a portfolio of properties and multiple investment funds. The 2008 financial crisis prompted a change in asset-management policy. The company sought to improve the resilience of its portfolio by extending a substantial proportion of leases to terms longer than four years. It also announced a €90 million acquisition program in 2009 involving properties in Poland, Romania, and the United Kingdom. The group subsequently resumed a more active United Kingdom strategy, supported by the introduction of Permitted Development Rights and stronger residential-property demand associated with the Help to Buy scheme. In 2015, it continued to emphasize higher-income-generating Polish investments, and in 2017 it raised a fund intended to invest in United Kingdom assets. First Property’s property portfolio has included English commercial sites such as Griffin House in Crawley, Imperial Place in Borehamwood, Union Park in Uxbridge, and 45 Clarendon Road in Watford. In Poland, the group has operated through a network of managed funds and local personnel. In 2022, it announced plans to dispose of its remaining Romanian assets and redirect capital toward Poland. Reference material for 2024 reported assets of approximately £19 million in the United Kingdom, £43 million in Poland, and £2.2 million in Romania; these figures describe a specific reporting period and should not be treated as a current valuation without updated financial documentation. The company’s public profile also reflects its leadership and shareholder structure. Ben Habib, one of the founders of First Property Online, serves as chief executive, while Alasdair Locke serves as non-executive chairman. Habib is also known for his political activities, including service as a Brexit Party Member of the European Parliament and leadership of Advance UK. In July 2025, reference material reported that he had increased his shareholding in First Property Group to nearly 17 percent. The business continues to present itself as a specialist commercial-property investor and fund manager rather than as a consumer-facing property brand.

First Property Group was incorporated on 12 September 1994 as Hansom Group plc under the United Kingdom Companies Act 1985. David J. Hull founded the company, which initially operated as a shell company under the supervision of non-executive director Alasdair Locke. Its subsequent transformation came through a reverse takeover involving First Property Online, a business-to-business online property dealer founded by Ben Habib and John Kottler. On 21 December 2000, the listed vehicle changed its name to First Property Online plc and was admitted to the Alternative Investment Market of the London Stock Exchange under the symbol FPO. The company began developing a property-related operating business in 2001. It underwrote commercial property sales in return for management fees and a share of gains achieved above the agreed underwriting price. Following interest-rate reductions after the 11 September 2001 terrorist attacks, the company identified opportunities in Central European property markets and began investment activity in Poland and Romania. On 17 September 2003, it adopted the name First Property Group plc, reflecting its shift away from its earlier online-property identity and toward a broader investment and asset-management model. First Property established a Warsaw office in 2005. The move came as the yield gap between United Kingdom and Central European property had narrowed, making a local presence important for sourcing and managing investments. First Property Poland Sp. z o.o. was established as a subsidiary in 2006, with Przemysław Kiszka associated with its management. Poland eventually became the group’s central international market. Nine of the eleven funds managed by First Property Asset Management were reported to be based there, and the Polish subsidiary managed eleven properties with a staff of approximately thirty people according to the reference material. The global financial crisis led First Property to revise its asset-management policy. It extended 70 percent of leases for more than four years, seeking greater income visibility and portfolio stability during difficult market conditions. In 2009, the group announced an acquisition program worth €90 million covering Poland, Romania, and the United Kingdom. Later, it concentrated on high-income-producing Polish investments, particularly during the expansion of its Polish operations in 2015. The group resumed United Kingdom operations by 2013. The reference material links this return to the introduction of Permitted Development Rights and increased residential-property demand associated with the Help to Buy scheme. In 2016, after the United Kingdom’s referendum on European Union membership, chief executive Ben Habib argued that weaker demand for United Kingdom sites and sterling’s depreciation against the euro created attractive opportunities for the business. In 2017, First Property raised a fund for investment in United Kingdom assets. The company continued to manage a mixed portfolio of commercial properties. Its United Kingdom holdings included Griffin House in Crawley, Imperial Place in Borehamwood, Union Park in Uxbridge, and 45 Clarendon Road in Watford. Its Central European strategy remained centered on Poland, while Romania became a market from which it planned to withdraw. In July 2022, First Property announced that it would sell its remaining Romanian assets to release cash for Polish investment. The group was involved in a rent dispute with Signet Jewelers in 2022. Signet, the owner of H. Samuel, was ordered to pay £448,043 in rent arrears for its Hertfordshire head office. The dispute included claims by First Property investment manager Martin Pryce that Signet had improperly used relief provisions under the Commercial Rent (Coronavirus) Act 2022. The matter was reported as a court decision rather than as a finding of corporate wrongdoing by First Property. First Property received the Wealth and Finance International award for Best Commercial Property Fund Manager – UK in both 2022 and 2023. In 2024, the reference material reported that it owned assets valued at approximately £19 million in the United Kingdom, £43 million in Poland, and £2.2 million in Romania. These amounts represent the cited 2024 position and are not a substitute for a current audited balance sheet. In July 2025, Ben Habib was reported to have raised his holding in the company to nearly 17 percent. The group’s management structure comprises the PLC board, a London team, and a Warsaw team, with Alasdair Locke as non-executive chairman and Habib as chief executive.

• 2025

  Ben Habib shareholding increased

  [1]First Property Groupen.wikipedia.org

  Reference material reported that the chief executive increased his stake to nearly 17 percent.

• 2022

  Romanian disposal strategy announced

  [1]First Property Groupen.wikipedia.org

  The group announced plans to sell its remaining Romanian assets and redeploy cash into Poland.

• 2017

  United Kingdom investment fund raised

  [1]First Property Groupen.wikipedia.org

  First Property raised a fund to invest in assets based in the United Kingdom.

• 2013

  Return to United Kingdom operations

  [1]First Property Groupen.wikipedia.org

  The company resumed United Kingdom activity amid changes involving Permitted Development Rights and residential-property demand.

• 2009

  €90 million acquisition program announced

  [1]First Property Groupen.wikipedia.org

  The group announced acquisitions across Poland, Romania, and the United Kingdom.

• 2006

  First Property Poland established

  [1]First Property Groupen.wikipedia.org

  The group established First Property Poland Sp. z o.o. as a local subsidiary.

• 2005

  Warsaw office established

  [1]First Property Groupen.wikipedia.org

  First Property opened a Warsaw office to support its Central European investment activity.

• 2003

  Renaming as First Property Group plc

  [1]First Property Groupen.wikipedia.org

  The organization adopted its current corporate name on 17 September 2003.

• 2001

  Entry into commercial property underwriting

  [1]First Property Groupen.wikipedia.org

  The company began underwriting commercial property sales for fees and a share of gains above the underwritten price.

• 2000

  Adoption of the First Property Online name

  [1]First Property Groupen.wikipedia.org

  The shell company changed its name to First Property Online plc as part of a reverse takeover involving First Property Online.

• 2000

  AIM listing under FPO

  [1]First Property Groupen.wikipedia.org

  The company became listed on the Alternative Investment Market of the London Stock Exchange under the ticker FPO.

• 1994

  Incorporation as Hansom Group plc

  [1]First Property Groupen.wikipedia.org

  David J. Hull incorporated the company on 12 September 1994 under the Companies Act 1985.

A specialist, income-oriented commercial property investor and fund manager with a strong Poland focus and a smaller United Kingdom and Romanian portfolio.

• Real estate investment

  Commercial property investment

  First Property acquires and holds income-producing commercial real estate for its own account and through managed investment structures. Its portfolio has included office, retail, and other commercial sites in the United Kingdom and Central Europe, with Poland forming the principal international market.

• Investment management

  Property fund management

  Through First Property Asset Management, the group manages property funds and related investment vehicles. The funds invest in commercial property, with a strong concentration in Poland and additional exposure historically present in Romania and the United Kingdom.

• Real estate services

  Commercial property asset management

  The group provides local and portfolio-level management for owned and managed properties. Activities include leasing, portfolio repositioning, acquisition support, disposal planning, and the management of lease duration and income characteristics.

• Property transaction services · 2001

  Commercial property sales underwriting

  Beginning in 2001, First Property underwrote commercial property sales for a management fee and a participation in gains above an agreed underwriting price. The activity formed part of the company’s transition into a broader property investment business.

• 2022

  Withdrawal from Romanian property holdingsStrategy

  Background

  First Property sought to release capital for investment in its more important Polish operations.

  Action taken

  The company announced that it would sell its remaining Romanian assets.

  Aftermath

  The announced strategy reduced the group’s Romanian exposure and prioritized Poland.

  Source

• 2017

  United Kingdom investment fund launchedStrategy

  Background

  The group had resumed United Kingdom operations amid changes to development and residential-property conditions.

  Action taken

  First Property raised a fund to invest in United Kingdom-based assets.

  Aftermath

  The move broadened the group’s investment activity in its home market.

  Source

• 2015

  Greater emphasis on Polish income-producing assetsStrategy

  Background

  Poland had become the group’s main Central European operating platform.

  Action taken

  First Property continued expanding in Poland while focusing on investments capable of generating high rental income.

  Aftermath

  Poland remained the group’s principal international market.

  Source

• 2009

  Cross-border acquisition programM&A

  Background

  First Property sought to expand its commercial property portfolio across its established United Kingdom and Central European markets.

  Action taken

  The company announced €90 million of acquisitions in Poland, Romania, and the United Kingdom.

  Aftermath

  The acquisitions supported the group’s multi-market property investment strategy.

  Announced acquisition value. €90 million announced (2009)

  Source

• 2008

  Lease-extension policy during the financial crisisStrategy

  Background

  The global financial crisis increased financing and occupancy risks across commercial property markets.

  Action taken

  First Property changed its asset-management policy and extended 70 percent of leases for more than four years.

  Aftermath

  The policy was intended to improve income visibility and reduce short-term lease-renewal exposure.

  Source

1. 1First Property Groupen.wikipedia.org