It was a quiet year for Aim-listed real-estate fund manager First Property Group (FPO), which bought just one asset. That was partly deliberate after its main market of operation, Poland, weakened in the wake of the euro crisis. But it also reflects a bout of bad luck. One major deal fell through when the bank decided to extend a loan to a tenant at the last minute, says chief executive Ben Habib, and there's also the dismal environment for institutional fundraising.
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Profits were consequently flat on an underlying basis and fell in absolute terms because of the weaker euro. A higher tax charge also depressed the EPS figure, though profits still more than twice cover the generous dividends.