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Bargain Shares: On the hunt for undervalued high yielding property

A top performing Aim-traded UK and eastern European property fund manager has made some astute property acquisitions and is planning to make several disposals at prices well above book value, too.
Bargain Shares: On the hunt for undervalued high yielding property
  • Annual pre-tax profit of £7.1mn and earnings per share (EPS) of 6.1p in 12 months to 31 March 2022
  • Adjusted net asset value (NAV) per share up 10 per cent to 47.3p
  • Annual dividend per share rises 11 per cent to 0.5p

“In adversity comes opportunity”, says Ben Habib, chief executive of Aim-traded UK and eastern European property fund manager and investor First Property (FPO: 31p).

In particular, the property stalwart sees the “Warsaw office market as a terrific spot to be in as new supply is coming to a thumping halt [in a tight market] and the economy continues to expand.” Habib sees “rents in Poland’s capital city going up substantially in the next 12 to 18 months”, and notes that a doubling of building costs is accentuating the crunch in the market at a time when Ukranian businesses are being forced to relocate their operations.

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